To help every member and institution realize the importance of life, and to reduce the burden of family responsibilities by ensuring the security of both organized and unorganized workers throughout the working area, the scheme "One Person: One Baba Member Life Insurance Savings" will be implemented.
This savings program will be operated in such a way that, to protect members from fraud often seen in the savings plans of traditional insurance companies, the cooperative will offer an alternative and self-managed insurance system. Through regulatory provisions, it will provide 40% more bonus, benefits, and loan facilities compared to other insurance companies.
Baba Member Life Insurance Savings
Term (Years) | 15 | 20 | 25 | कैफियत |
Savings & Payout (Age Group: 16–50 years) | 103% of total deposited amount | NPR. 610,000 per thousand of monthly premium | NPR. 1,005,000 per thousand of monthly premium | Amount payable excluding tax |
Payout (Age Group: 0–16 & 50–66 years) | 100% of total deposited amount | NPR. 600,000 per thousand of monthly premium | NPR. 990,000 per thousand of monthly premium | Amount payable excluding tax |
1. Insurance Premium Payment:
a) The premium can be paid in advance on a monthly, quarterly, half-yearly, or yearly basis. However, no premium payment is required after the completion of the insurance term.