Union life insurance-Contact Details, Insurance Policies, Premium Payment Methods

Union Life Insurance provides the proper amount of bonus rate and returns to the policyholder. It ensures client security. It does not state life insurance as a business but also serves as a social service. Company is only involved in the life insurance business providing individual and group plans, mainly conventional savings.

Union life insurance

Union Life Insurance Company Limited was established and listed under company Act 2063 and Insurance Act 2049 in 2074 B.S. There are total of 202 branches of this company. However, its Head office is located in New Baneshwor, Kathmandu.

This Company is owned by great owners. They are Naupane Group, Gadiya Group, Golchha Group, Tibrewala Group, Jagadamba Group and Rajesh Hardware.

Union Life Insurance Company Limited Contact Details

Officers of  Union Life Insurance

The chairman of this company is Mr.Mr.Sulav Agrawal. He has experience of many years in this field. Name of other members who are working as a director is listed below

Directors

Name Position
Mr.Jeevan Kumar Agrawal Director
Mr.Debi Prasad Sharma Director
Mr.Sandeep Kumar Agrawal Director

Management Teams

The name of the CEO is Mr.Manoj Kumar Lal Karn. He is been working in many life insurances as well as, non-life insurance companies for, past 22 years.

Meanwhile, the Post of Information Officer is held by Mr.Kapil Kumar Dahal having experience of 8 years and more.

Department Heads

Department Head Name of Department
Mr.Ram Shrestha Underwriting 
Mr.Ishwar Kumaar Sedai Claim
Mr.Ritendra Lal Karna Agency
Mr.Rabin Shrestha IT
Ms.Geeta Shrestha Corporate Marketing
Mr.Surya Bahadur Bogati Finance
Mr.Prakash Nuepaney Admin
Mr.Harka Bdr Budhathoki Training
Mr.Bhuparaj Parajuli Head of Province 1 
Mr.Hari Prasad Dhungana Head of Province 3 
Mr.Tulk Nath Acharya Head of Province 4 
Mr.Bhudhha Suryabanshi Head of Province 5 
Mr.Narayan Pangeni Head of Province 6 
Mr.Chandra Bhahadur Bohara Head of Province 7 

Insurance policy

To secure the life of the policyholder from the risk that may occur in the future Union life Insurance has been providing different types of policies. It also provides a good return according, to the agreement made.

Similarly, it helps to uplift the country’s financial status. On the other hand, it also protects the financial condition of the client.

  • Limited Endowment Plan

In this policy, policyholders do not have to pay premiums all the time. Moreover, they can pay for some time. But, it does not affect their death benefit.

Rs 50000 is granted as a minimum sum assured whereas, maximum assured sum depends upon companies’ profit.

Those who have an age range of 11 to 60 can entry for this policy. Indeed, the maximum maturity age is 70 years

A loan can be only provided after 31 days after the policy being issued in the single premium term. Whereas, for a complete premium time duration of 2 years is needed.

  • Endowment Assurance Cum Whole Life Policy

Similarly, in this policy amount is paid to the policyholder only after the death of individuals who have assured the policy. It is an addition to term insurance.

Minimum sum which is assured by this policy is Rs 100,000 only. However, the maximum is given as per company profit.

Those who have their age in between 11 to 65 can enter for this policy. After 70 years premium paying term is ended.

Payment can be done monthly, quarterly, half Yearly or Yearly. For applying loan 2 years’ premium should be paid completely. Its paid-up value is per policy.

  • Endowment Assurance Policy

For getting payment in this policy completion of a number of the specific years is needed. However, in case of od death also amount is payable.

Minimum sum which is assured by this policy is Rs 50,000 only. However, the maximum is given as per company income. Those who have their age in between 11 to 65 can enter for this policy.

After 70 years premium paying term is ended.

  • Group Term Assurance Policy

According to this policy, collected premium symbols to the premium of risk of death only. Payment is provided to the policyholder at any time during the policy term only after death of the assured one.

If no death is found during the period of policy term no amount is paid.

Period of policy term is 1 year. Minimum sum which is assured by this policy is Rs 50,000 only. However, the maximum is 20,00,000.

Payment is allowed in only yearly mode. For individual group, minimum number of members is 25. Rider cannot apply for this policy.

Death benefit amounts include only the sum assured during policy term.

  • Child Endowment Plan

Providing education to children fulfilling their needs requires a lot of funding. However, if insurance when done at the correct time proper investment can be collected when needed.

Minimum sum assured is 50,000 whereas maximum depends upon income of Life assurance. Children under 13 age can enter for this policy.

Payment can be done by any means that is monthly, quarterly, half-yearly or yearly. Period of the term for this policy is 5 years to 18 years. Loan is provided after 2 years of complete payment

  • Money-Back Cum Whole Life Assurance Plan

The risk of whole life is covered by this product. Its minimum sum assured is 50,0000 whereas, maximum sum assured depends upon income of life assurance. Its entry age is 11 years likewise, maximum age to enter is 60. Policy term has a period of 10,15,20,25 years.

Payment can be done by any of the methods which are monthly, quarterly, half-yearly, yearly. Medical requirements should  be fulfilled as per company rule

 Benefits provided by this plan are Policy Mature  Benefit, Survival Benefits at age of 99 years, Death Benefits, Death Benefits after policy term mature, Accidental Death benefits, PTD/ PWB Benefits, Surrender value, Paid-up Value as per policy.

  • Annual Money Back Life Insurance Plan

It is an endowment plan. In this money is returned annually in yearly wise. 500,000 is the minimum sum assured however, maximum sum has no limit it depends upon income source. The entry age for this policy is 11 to 65 years.

Policy term has time limit of 5 to 20 years. Payment is done by any of these methods Yearly, Half-yearly, Quarterly and Monthly.

Benefits provided by this product is Survival / Maturity Benefit, Death Benefit, Death Benefit due to Accident, PD Benefit due to Accident, Surrender Value, Policyholder Loan, Tax benefit As per ITA,058

  • Limited Payment (Endowment Cum Whole Life) Plan

Here both limited payment and whole payment are included. Minimum sum assured by this policy is 50,000 whereas, maximum sum has no limit. Entry age falls under 11 to 65.

The time for policy term is 5 to 30 years. Most importantly, the maximum maturity age is 70. ADB ,MIB,PWB falls under rider benifit.

Above all, Benefits provided by this product is Survival Benefit, Death Benefit within Policy Term Period, Death Benefit due to Accident, TPD Benefit due to Accident, Surrender Value, Policyholder Loan, Tax benefit As per ITA,058

  • Jeevan Deep Assurance Plan

Here, the policy provides a minimum sum assured of Rs.3,00,000. Whereas, maximum sum assured is according to the life assurance income. Those who have their age between 16 to 80 can enter for this policy. Maximum age to enter is 65 years.

Its policy term has minimum time of 5 years whereas its maximum time is 25 years. Payment is accepted by a Yearly method.

Medical requirement is done as per company rule. On the other hand, Policy Loan / Surrender Value / Paid-up Value is Nil in this policy.

Essentially, It provides benefits like death benefit, rider benefit, Accidental Death Benefit, Accidental Total Permanent, Disability Benefits.

  • Jeevan Adhar Insurance Plan

Likewise, this product is offered to individual people. Whose minimum sum assured is 500,000. Maximum sum assured has no limit since it depends on income source.

Those who are between 18 to 50 can only enter here. The maximum maturity age for this product is 70 years.

This provides special facilities like Surrender Value, Policyholder Loan, Tax benefit As per ITA,058, Survival / Maturity Benefit, Death Benefit due to Accident, TPD Benefit due to Accident.

  • Jeevan Sampanna Insurance Plan

Similarly, this policy provides a minimum sum assured of Rs.1,50,000. Whereas, maximum sum assured is according to the life assurance income. Those who have their age between 18 to 60 can enter for this policy.

Most importantly, Payment is accepted by any of these methods Quarterly, Half Yearly, Yearly and Single. Accident benefit is available up to Max. 1,00,00,000

Loan is provided only after 3 years of issuing the policy in a single premium. Likewise, for Regular premium 2-year complete period and 2-year full premium paid is eligible.

Payment

Premium of insurance can be paid through online or physically visiting the beach office. However, to pay using online payment we can choose any of these methods listed below

  • Cellpay app
  • Khalti
  • Connect IPS pay direct from bank.

In short, union life insurance is one of the best life insurance company in Nepal. It is serving its people with the best product and policy to gain their trust.

This company gives the proper amount of bonus rate, good premium. It ensures client security. Moreover, it makes people to understand that “Life is precious secure it on time”

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