Kathmandu. With the message "Lifetime Pension and Protection", LIC Nepal has launched a life insurance plan called 'New Life Wave'. The Chief Executive Officer of the company, Mr. Laxmi Prasad Das, has unveiled the 'New Life Wave' scheme at a function organized by the company at its corporate office.

New Jeevan Tarang Bima Yojana is available to people between the ages of 15 and 60. The minimum sum assured is Rs. If 200,000 has been maintained, the maximum insurance limit can be taken as per the insurance underwriting rules. The insurance period in this plan is 10 years, 15 years and 20 years. This insurance plan covers insurance up to 100 years of age of the insured and a maximum of Rs. Accident benefits of up to Rs 7.5 million and permanent disability benefits are also available.

In case of death of the insured during the premium payment period, the sum assured and the bonus amount earned up to that period will be paid to the desired person. Earned bonus is provided if the insured survives till the premium payment period and 5.5% of the sum assured is paid on each subsequent insurance year day till the insured is 99 years old. In case of death of the insured while receiving pension, an amount equal to the insured is provided to the desired person or to himself if the insured survives for 100 years.

Insurance can be surrendered at any time while taking pension. When deducting the insurance amount, the insured will be able to get 95% surrender value of the insured without deducting the amount taken for pension. Loan and insurance surrender facility can also be taken after 2 years of insurance. Das, chief executive officer of the company, said the scheme would be very useful for the insured to get financial security by receiving a regular pension in his retirement life. Deputy Chief Executive Officer T. Barnwal had revealed about the new insurance plan. He is confident that the scheme will be popular among the customers due to its excellent features.