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FAQ

As per Insurance Act-2049(1992),”Life Insurance Business” means the business relating to a contract regarding to the life of any person under which he/she or his/her heir in the event of his/her death, will be paid a particular amount in case a specified amount is paid in installment on the basis of his/her age.
  • Life Insurance offers peace of mind
  • Life Insurance eliminates dependency
  • Life Insurance encourages saving
  • Life Insurance fulfills the needs of a person, such as:
Family needs:

Life insurance can provide a valuable financial benefit, especially for those with dependents to support. It is an effective way to guarantee that your loved ones will be financially secured in case of your unfortunate death.

Re-adjustment need:

At the time of reduction in income whether by loss of unemployment, disability, or death, adjustment in the standard of living of family is required.

Old age needs:

The provision for old age is required where the person is surviving more than his earning period.

Insurance provides savings and securities:

Most insurance plans available today come with a savings as well as securities elements built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

Yes, all we know future is uncertain and risk are inevitable at any moments of life. Human life is precious and should be handled with lots of care. Life insurance is necessary at all stage of life. We can’t stop or totally avoid the risk but we can minimize it.

To minimize financial burden and to provide financial security, life insurance is often the only feasible way to provide financial security.

Human life is priceless. No one can declare the value of life in monetary terms. The amount of life insurance depends upon the financial status of a person.

To determine the insurance amount (say, sum assured), First of all, you may consider the following points:

  • How much financial load will have to bear by family in case of my absence in the family?
  • How about children’s education, marriage, and to reach their earning age?
  • How can I manage my old age needs after my retirement?
  • Hence, one of the simplest rules is to assume that insurance is a replacement for your lost earning

To get more information on life insurance, you can contact:

  • Our authorized agents, who can understand your requirement and choose the suitable life insurance policy for you.
  • Our branch offices

It is very easy to get insurance with us. Please kindly contact any of our agents or our branch offices in various parts of Nepal.

The premium is calculated considering your age, occupation, sum assured, mode of payment, health status etc. Then the fixed premium is paid in each year in yearly or half yearly or quarterly basis as you have stated in your proposal form till the stipulated date of last payment mentioned in the policy bond or previous death of the life assured.

You can pay premium at any Branch of Asian Life Insurance Company Ltd.

  • Issuing policy
  • Premium collection
  • Policy servicing
  • Payment of death claim/monthly income benefits/maturity claims
  • Payment for loan and surrender
  • Issuing of endorsements as per requirements
  • Agent training (As per approval from Beema Samiti)

Moreover, our branch offices provide more and more information about importance of life insurance, activities of the company and its wide range of products.

Endowment policy (Asian Sabadhik Jeevan Beema Yojana)

  • 12-years money back policy
  • 15-years money back policy
  • 18-years money back policy
  • 20-years money back policy
  • Whole life and Endowment plan (Sukhi Jeevan Yojana)
  • Child Assurance policy ( Bal Umanga Jeevan Beema Yojana)
  • Child Assurance policy ( Bal Bhabishya Jeevan Beema Yojana)

Yes, you can change your nomination at any time within the term of the policy. You need to inform us about the change through the specified form. Company will issue an endorsement and provide the written notice to you.

In case you have misplaced your policy document we can issue you a duplicate policy document. For this purpose, official procedure has to be completed and some official charge has to be paid.

Yes, you can change the mode of payment. You need to inform us about the change through the specified form.

A policy lapses when the policy holder fails to pay the premium even within the grace period of 30 days for yearly, half yearly or quarterly mode of payment. In this case, the policy loses all its benefits.

If your policy has lapsed, it can be re-instated by:

  • Filling up a Declaration of Good Health form.
  • Payment of the outstanding premiums together with the interest charged on the outstanding premiums. Interest rate is 9 percent p.a. compounded half yearly.
  • The company has the right to decide the terms and conditions of revival on a case-to-case basis.

There are two types of Claim:
Maturity Claim:

For Maturity Claim, you need to submit the following necessary documents at the company’s nearest branch office:

  • Original policy bond
  • If the age is not admitted under the policy, the proof of age of the life assured.
  • Discharge Voucher issued by the company.
Death Claim:

In case of death of insured, you need to submit the written application along with the following necessary documents:

  • The details relating to the claim (Daabi Bibaran Faram)
  • Proof of death (A Certificate of death of the insured).
  • Proof of accident (In case the insured has died in an accident and if such risk is covered by the Life Insurance, the postmortem report of the government physician relating to the cause of death, and if there is no such report, a report of the police).
  • Proof of title (A certificate of relationship with the insured).
  • Medical treatment prior to the death.
  • If the age is not admitted under the policy, the proof of age of the life assured.
  • Original policy bond.

As per Insurance regulation, 2049(1993) rule-31, Sub-rule (4), after satisfactory completion of all the documentation which the company will require, the company will determine the liability within 15 days from the date of receipt of such documents.

As per section- 38 of Insurance Act 2049 (1992), If any Life Insurance Policy Holder dies before the expiry of the term of his/her policy, the amount mentioned in such Insurance Policy shall be paid to the person nominated by him/her therein. If he/she has not nominated any person or if the nominee has already died, payment shall be made to any of his/her surviving related dependents as follows in the following order and if there are more than one surviving related persons in same order with amount shall be distributed or equal share:

  • Husband or wife of the joint family.
  • Son, daughter and widow daughter-in-law of the joint family.
  • Father, mother (in case of the married woman father-in-law, mother-in-law).
  • Grandfather, grandmother who have to be taken care of by him/herself and grand son, grand daughter in the line of the son.
  • Husband, wife who is living separate.
  • Unmarried daughter, son, widow daughter-in-law who is living separate.
  • Father, mother who is living separate.
  • Step mother of joint family.
  • Step son, step daughter of the joint family.
  • Brother, sister of the joint family.
  • Father-in-law, mother-in-law living separate in the case of married woman.
  • Grand son, unmarried grand daughter who living separate.
  • Step mother who is living separate.
  • Step son, unmarried step daughter who is living separate.
  • Husband’s elder brother, elder brother’s wife, younger brother of the husband, wife of the husband’s younger brother in case of married woman.
  • Nephew, niece of joint family.
  • Uncle, widow aunty, elder brother’s wife, and sister-in-law of the joint family.
  • Brother and sister who is living separate.
  • Grandfather, grandmother, grand daughter-in-law, nephew, niece living separately.
  • Person living together with in insured person up to the last stage.

As per Insurance Act-2049(1992),”Life Insurance Business” means the business relating to a contract regarding to the life of any person under which he/she or his/her heir in the event of his/her death, will be paid a particular amount in case a specified amount is paid in installment on the basis of his/her age.
  • Life Insurance offers peace of mind
  • Life Insurance eliminates dependency
  • Life Insurance encourages saving
  • Life Insurance fulfills the needs of a person, such as:
Family needs:

Life insurance can provide a valuable financial benefit, especially for those with dependents to support. It is an effective way to guarantee that your loved ones will be financially secured in case of your unfortunate death.

Re-adjustment need:

At the time of reduction in income whether by loss of unemployment, disability, or death, adjustment in the standard of living of family is required.

Old age needs:

The provision for old age is required where the person is surviving more than his earning period.

Insurance provides savings and securities:

Most insurance plans available today come with a savings as well as securities elements built into it. These policies help you plan not only for protection against death but also for a financially independent future, which would enable you to have a comfortable retirement.

Yes, all we know future is uncertain and risk are inevitable at any moments of life. Human life is precious and should be handled with lots of care. Life insurance is necessary at all stage of life. We can’t stop or totally avoid the risk but we can minimize it.

To minimize financial burden and to provide financial security, life insurance is often the only feasible way to provide financial security.

Human life is priceless. No one can declare the value of life in monetary terms. The amount of life insurance depends upon the financial status of a person.

To determine the insurance amount (say, sum assured), First of all, you may consider the following points:

  • How much financial load will have to bear by family in case of my absence in the family?
  • How about children’s education, marriage, and to reach their earning age?
  • How can I manage my old age needs after my retirement?
  • Hence, one of the simplest rules is to assume that insurance is a replacement for your lost earning

To get more information on life insurance, you can contact:

  • Our authorized agents, who can understand your requirement and choose the suitable life insurance policy for you.
  • Our branch offices

It is very easy to get insurance with us. Please kindly contact any of our agents or our branch offices in various parts of Nepal.

The premium is calculated considering your age, occupation, sum assured, mode of payment, health status etc. Then the fixed premium is paid in each year in yearly or half yearly or quarterly basis as you have stated in your proposal form till the stipulated date of last payment mentioned in the policy bond or previous death of the life assured.

You can pay premium at any Branch of Asian Life Insurance Company Ltd.

  • Issuing policy
  • Premium collection
  • Policy servicing
  • Payment of death claim/monthly income benefits/maturity claims
  • Payment for loan and surrender
  • Issuing of endorsements as per requirements
  • Agent training (As per approval from Beema Samiti)

Moreover, our branch offices provide more and more information about importance of life insurance, activities of the company and its wide range of products.

Endowment policy (Asian Sabadhik Jeevan Beema Yojana)

  • 12-years money back policy
  • 15-years money back policy
  • 18-years money back policy
  • 20-years money back policy
  • Whole life and Endowment plan (Sukhi Jeevan Yojana)
  • Child Assurance policy ( Bal Umanga Jeevan Beema Yojana)
  • Child Assurance policy ( Bal Bhabishya Jeevan Beema Yojana)

Yes, you can change your nomination at any time within the term of the policy. You need to inform us about the change through the specified form. Company will issue an endorsement and provide the written notice to you.

In case you have misplaced your policy document we can issue you a duplicate policy document. For this purpose, official procedure has to be completed and some official charge has to be paid.

Yes, you can change the mode of payment. You need to inform us about the change through the specified form.

A policy lapses when the policy holder fails to pay the premium even within the grace period of 30 days for yearly, half yearly or quarterly mode of payment. In this case, the policy loses all its benefits.

If your policy has lapsed, it can be re-instated by:

  • Filling up a Declaration of Good Health form.
  • Payment of the outstanding premiums together with the interest charged on the outstanding premiums. Interest rate is 9 percent p.a. compounded half yearly.
  • The company has the right to decide the terms and conditions of revival on a case-to-case basis.

There are two types of Claim:
Maturity Claim:

For Maturity Claim, you need to submit the following necessary documents at the company’s nearest branch office:

  • Original policy bond
  • If the age is not admitted under the policy, the proof of age of the life assured.
  • Discharge Voucher issued by the company.
Death Claim:

In case of death of insured, you need to submit the written application along with the following necessary documents:

  • The details relating to the claim (Daabi Bibaran Faram)
  • Proof of death (A Certificate of death of the insured).
  • Proof of accident (In case the insured has died in an accident and if such risk is covered by the Life Insurance, the postmortem report of the government physician relating to the cause of death, and if there is no such report, a report of the police).
  • Proof of title (A certificate of relationship with the insured).
  • Medical treatment prior to the death.
  • If the age is not admitted under the policy, the proof of age of the life assured.
  • Original policy bond.

As per Insurance regulation, 2049(1993) rule-31, Sub-rule (4), after satisfactory completion of all the documentation which the company will require, the company will determine the liability within 15 days from the date of receipt of such documents.

As per section- 38 of Insurance Act 2049 (1992), If any Life Insurance Policy Holder dies before the expiry of the term of his/her policy, the amount mentioned in such Insurance Policy shall be paid to the person nominated by him/her therein. If he/she has not nominated any person or if the nominee has already died, payment shall be made to any of his/her surviving related dependents as follows in the following order and if there are more than one surviving related persons in same order with amount shall be distributed or equal share:

  • Husband or wife of the joint family.
  • Son, daughter and widow daughter-in-law of the joint family.
  • Father, mother (in case of the married woman father-in-law, mother-in-law).
  • Grandfather, grandmother who have to be taken care of by him/herself and grand son, grand daughter in the line of the son.
  • Husband, wife who is living separate.
  • Unmarried daughter, son, widow daughter-in-law who is living separate.
  • Father, mother who is living separate.
  • Step mother of joint family.
  • Step son, step daughter of the joint family.
  • Brother, sister of the joint family.
  • Father-in-law, mother-in-law living separate in the case of married woman.
  • Grand son, unmarried grand daughter who living separate.
  • Step mother who is living separate.
  • Step son, unmarried step daughter who is living separate.
  • Husband’s elder brother, elder brother’s wife, younger brother of the husband, wife of the husband’s younger brother in case of married woman.
  • Nephew, niece of joint family.
  • Uncle, widow aunty, elder brother’s wife, and sister-in-law of the joint family.
  • Brother and sister who is living separate.
  • Grandfather, grandmother, grand daughter-in-law, nephew, niece living separately.
  • Person living together with in insured person up to the last stage.