061-591097/98 | info@libertymlife.com.np | Newroad Complex , Newroad | Pokhara Metropolitan City | Ward no 8 | Kaski

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GRAMIN SAMUHIK MYADI BEEMA YOJANA

Proposer DOB

Plan Description & Overview

This is a non-linked, non-participating, One Year Group Renewable Micro Term Insurance plan which provides insurance cover to a group of lives. It is offered to Affinity Groups, where a group exists for a specific purpose such as:

  • Members of a co-operative credit society
  • Members of NGOs
  • Self-help groups
  • Loanee members of microfinance organizations
  • Non-employee–employer organizations
One Master Policy will be issued to the Nodal Agency, covering all members under the policy. This plan is specially designed for lives without formal life insurance coverage, particularly in the microfinance sector.

✅ Death Benefit

On the death of a life assured (member of the group scheme) during the policy term, the Sum Assured is payable to the Master Policy Holder, who in turn pays the benefit amount to the nominee/beneficiary.

✅ Additional & Funeral Benefits

  • Additional Optional Benefit: Up to 50% of SA of the main member can be offered to the second life.
  • Funeral Benefits: Up to 15% of SA or a maximum of Rs. 15,000 with additional premium.
  • Available Riders: Accidental Death Benefit, Accidental Permanent Total Disability (with additional premium).

Other Details / Eligibility

  • One Master Policy issued to the Nodal Agency
  • Premium payment responsibility lies with the Nodal Agency
  • Claims paid to Nodal Agency, who settles members’ claims
  • At inception, at least 75% of existing members must join the scheme
  • All new members must be compulsorily covered after inception
  • Nodal Agency submits declaration of good health (DGH) for all members at joining
  • Sum Assured fixed based on membership or outstanding loan amount
  • Scheme can be contributory, non-contributory, or both

Last Updated: Jan 20, 2026