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Want to know more about Sonali Life Insurance? Then this article is for you. By reading this article, you will learn about Sonali Life Insurance. This article discusses all the offers and schemes of Sonali Life Insurance in detail. So let’s start.
What is Sonali Life Insurance?
Sonali Life Insurance is a life insurance company. It was established in 2013. Sonali Life Insurance Co. Ltd aims to address the financial security and income required for retirement. As a premier service provider of investment and security plans, ultimate transparency and customer service is one of its goals.
Sonali Life Insurance aims to create value for money and support when it comes to ensuring a person’s life. Sonali Life Insurance Co. Ltd. opened more than 21 branch centers across the country with a paid-up capital of 180 million in less than three months. It used the network power of Rupali Bima Co. Ltd., Which at the same time was able to promote itself using the strategic positions of the parent organization.
Sonali Life Insurance Offers
Sonali Life Insurance has several schemes under its offer. A customer can avail of life insurance through the schemes for various benefits. Below are the schemes covered by the Sonali Life Insurance offer:
- Leisure Protection
- Small Savings
- Guaranteed Bonus
- DPS
- Double Profit
- Regular Cashback
- Shariah
- Child Protection
- Savings and Profits
Sonali Life Insurance provides customer service under these schemes. Below we will learn more about the schemes.
1. Leisure Protection
Retirement protection is one of the schemes of Sonali Life Insurance. The details of this scheme are given below:
Name of the plan: Assurance cum pension plan (non-profit).
Policy Term: The age of the insured receiving retirement allowance should be 55,56,57,58,59,60 years.
Supplementary Cover: NIL
During the term: Only when the policy is in force till the period, the customer will get the guaranteed 10 years allowance from the retirement age. That means you will continue to receive retirement benefits as long as you are alive.
In case of death of the customer during the term of insurance: If the customer dies during the period of insurance, the nominee will pay 10 times the annual retirement allowance.
Special Benefit: If the customer dies while receiving retirement allowance, the nominee will be paid a lump sum amount equal to the remaining 10 years from the date of death. If the nominee wants, he can also take it as a pension.
2. Sonali Life Insurance – Micro Insurance
Name of the Plan: Monthly savings micro-insurance plan (with profit).
Policy term: 10 to 15 years.
SUPPLEMENTARY COVER: NOT APPLICABLE.
During the Policy Term: The customer will get the total sum assured along with the applicable bonus at the end of the policy’s term only when the policy is in force till the period.
In case of death of customer during the term of insurance:
Only the policy is in force. The customer’s nominee will get the total amount of insurance, including a bonus, till the date of death of the customer within the policy clause, the date of his death.
Unique benefits: No.
3. Money back term
Name of the plan: Money back term insurance plan (with guaranteed benefits).
Policy term: 10, 15, and 20 years.
Supplementary Cover: NIL.
During Terms: While the policy is in force till the end of the term, the customer will get a total insurance amount with 25% guaranteed profit after the expiry of the policy.
In case of death of the customer during the term of insurance:
Only if the policy is in force. The nominee of the customer will guarantee to receive the total amount after the death.
Special benefits: No.
4. DPS
Name of the plan: Monthly Savings Insurance Plan (with benefits).
Policy term: 10 to 25 years.
SUPPLEMENTARY COVER: NOT APPLICABLE.
During Term: While the policy is in force until the end of the term, the customer will get the total sum assured and applicable bonus after the expiry of the policy.
In case of death the customer during the period of insurance:
The policy is in force only. The nominee of the customer will get full insurance with a bonus till the date of death the customer after death of the customer in the policy clause.
Special benefits: No.
5. Double profit
The plan’s name is 9: Single-Premium Insurance Plan (get non-profit).
Policy term: 6, 7, 10, 12, 15 years.
Supplementary Cover: NIL.
During the term: At the end of the term, the customer will get a double refund of the sum insured.
In case of death of the customer during the term of insurance:
In case of the death of the insured customer. They can get a double refund of the sum before the designated period.
Special benefits: No.
6. Regular Cashback
Plan Name: Expected Savings Insurance Plan – With Profit (Payable in Three Installments)
Policy term: 12/15/18/21/24 years
Supplementary Cover: DIAB, PDAB
During the term: You will get the following benefits only if the Insurance is current:
1.
A) 25% of Sum Assured (Received after one-third of the term)
B) 25% of Sum Assured (Received after two-thirds of the term)
C) 50% of Sum Assured (Receiving the remaining 50% on maturity with dividend earned)
2. Surrender price and the fee are variable after each expected insurance benefit.
In case of death of the customer during the term of Insurance:
Only if the policy is in force, the nominee of the customer will guarantee to receive the total amount, including the bonus, till the date of death of the customer within the policy clause.
Special benefits: No.
7. Sonali Life Insurance – Child Protection
Name of the plan: Child safety insurance plan (with benefits).
Policy term: 10 to 20 years.
Supplementary Cover: NIL.
During the term: Only if the insurance is in force till the whole period and if both the insured and the child are alive until the end of the period will you get the total insurance amount, including a bonus.
In case of death of the customer during the insurance period:
Suppose the child dies during the scholarship after the death of the premium payer during the term. In that case, the scholarship will discontinue, and the child’s legal guardian will pay the total insurance amount, including the bonus, at the end of the term.
Special Benefit: In case of the untimely demise of the premium payer, the policy will automatically activate with the premium waiver. The customer will get the following benefits:
1. From the day of death of the premium payer till maturity, the child will pay a monthly allowance at the rate of 1% of the sum insured per month.
2. During the policy term, the child will reimburse the total insurance amount and dividends earned. In addition, in case of death of the child within the time, the following benefits will be given to the father or mother according to the term of the policy:
A) If the insurance term is less than 6 months, 25% of the sum insured is payable.
B) If the insurance term is more than 6 months, but less than 12 months, 50% of the sum insured is payable.
C) If the insurance term is more than 12 months but less than 24 months, 75% of the sum insured is payable.
D) If the insurance term is more than 24 months, 100% of the sum insured is payable.
8. Savings and profits
Name of the plan: General Savings Insurance Plan (with benefits).
Policy term: 10 to 35 years.
Supplementary Cover: DIAB, PDAB.
During Term:
While the policy is in force until the end of the term, the customer will get the total sum assured and the applicable bonus at the end of the policy term.
In case of death of the customer during the term of insurance:
Only if the policy is in force, the nominee of the customer will guarantee to receive the total amount, including a bonus, till the date of death of the customer within the policy clause.
Special benefits: No.
We hope you find out more about Sonali Life Insurance. Even then, if you have any questions about Sonali Life Insurance, you can comment. Thank you for reading my article. Stay well. Have a nice day.
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