What is PrimeLife Pension Plan?
PrimeLife Pension Plan is a pension product that provides the security after active work-life. You have an option to choose two ways to get your pension for your life time.

 

Key Benefits of PrimeLife Pension Plan?

• Pay monthly premium and receive monthly pension for your whole life.
  (Example of NPR. 500,000/- Insurance Amount)
  
  
  Note: Monthly Figures Based on bonus rate assumption of 5% and subject to change if declared bonus rate varies.
  
  
• In case of an unfortunate event of death during premium paying term, sum assured with applicable bonus will be paid to the holder’s nominee.
• There is a flexibility to choose retirement date from which the policy holder will start receiving the pension.
• Flexibility to choose from two pension options after the policy maturity to get regular income for the life time.
• Flexibility to add on riders line Accidental Death Benefit and permanent Total Disability (waiver of premium) in case of an unfortunate event of death or disability during the premium paying term of the policy.
• Tax benefits on premium paid (up to the limit of NPR. 20,000/- per annum.)

 

How does PrimeLife Pension Plan work?
The accumulated value would start paying the policy holder a regular income in the form of a pension at a frequency chosen by him or her. The annuity can be received monthly, quarterly, half-yearly or annually. S/he has two options to receive the pension.

1. Life Time Annuity Guaranteed:
If you are 30-year old and opt for insurance amount equivalent to Rs. 5 Lacs under Lifetime Annuity for 15 years.


Based on bonus rate assumption of 5% and subject to change if declared bonus rate varies.

• In case of death before premium payment completion period, beneficiary will receive 5 Lacs + Bonus.
• In case of accidental death with Premium payment Term, the beneficiary will receive 10 Lacs + Bonus.
• In case of permanent total disability (PTD) within premium payment term, monthly premium payment waived. Instead, S/he will receive Rs. 4,167/month up to maximum period of 10 years or completion of Premium Payment Term, whichever is earlier.
• Suppose insured dies after 2 years from the pension starting date, beneficiary will receive Rs. 3,229/ month for remaining 13 years.

 

2. Annuity for Life with return of Insurance Amount + Bonus:
If you are 30-year and opt for Insurance Amount of Rs. 5 lacs under this option with premium payment term of 15 years.


Based on bonus rate assumption of 5% and subject to change if declared bonus rate varies.

• Beneficiary receives 5 Lacs + Bonus upon death of insured at anytime (before or after premium Payment Completion period)
• In case of accidental death within Premium Payment Term, the beneficiary will receive 10 Lacs + Bonus.
• In case of permanent total disability (PTD) within premium Payment Term, monthly premium payment is waived. Instead, S/he will receive Rs. 4,167/month up to maimum period of 10 years or completion of Premium Payment Term, whichever is earlier.
• Suppose insured dies after 2 years from the pension starting date, beneficiary will receive Rs. 5 Lacs + Bonus and thereafter policy ceases to exist.
• Suppose insured dies after 17 years from the pension starting date, beneficiary will receive Rs. 5 Lacs + Bonus and thereafter policy ceases to exist.

 

 

Disclaimer:

• This is just an illustration showing the maturity options – Not a Contract. Your policy will contain the exact Terms and Conditions.
• The Annuity Factor depends on the interest rate and mortality assumption, so the actual annuity factor at the time of the policy maturity may be higher or lower depending upon the prevalent interest and mortality rates scenario.
• The information contained in this Brochure is intended for marketing purpose and is subject to the terms and conditions of PrimeLife Pension Plan ( PrimeLife Bhawisya Britti Bhuktani Jeevan Beema).