आई.एम.ई लाइफ

FAq

Why IME Life Insurance?
STRONG RELIABLE NETWORK OF BRANCHES
IME Life Insurance within a very short span of time has established more than 100 branches all across Nepal running in full operation. We strictly follow a uniform code of principle to work. With our strong and reliable network of branches we are ready to deal with customers from every nook and corner of Nepal.

VAST ARRAY OF AGENTS
IME Group has an unrivalled strength – a wide reach with IME Group offices in Nepal and 6000+ IME Centers and local agents. IME Life is all set to conquer and establish a strong client base via agency, corporate agency, banca assurance and direct channels whom we call- Our Strategic Partners.

ROBUST INFRASTRUCTURE
Our company is focusing on providing qualitative services of International Standard. Likewise our company uses information technology to enhance service provided to clients’. Our Company has strong IT infrastructure. All Branches of IME Life has been connected through wide area networking to provide safe, secured and fast customer service.

SAFE SECURED AND FAST CUSTOMER SERVICE
Document execution and submission are the most important aspect in terms of any insurance claim. Our customer service team are always ready to help you during the policy issuance and also after the policy sales. We provide diligent underwriting service for early and maximum claim settlement.
FAQ (For Minor Policies)
  1. What is a life insurance policy for a minor?
    • A life insurance policy for a minor is a policy taken out on the life of a child under 18 years of age. These policies often serve as a financial planning tool and may include savings or investment components.
  2. Why would I need a life insurance policy for my child?
    • These policies can serve as a financial safety net, and provide cash value that can be used for future expenses like education.
  3. What types of life insurance policies are available for minors?
    • Whole Life Insurance
    • Universal Life Insurance
    • Term Life Insurance (less common for minors)

Application Process

  1. How do I apply for a life insurance policy for my child?
    • You can apply through a licensed insurance agent, online, or by contacting the insurance company directly.
  2. What information is required to apply for a minor’s life insurance policy?
    • The child’s personal information (name, age, date of birth), the parent or guardian’s information, and sometimes a medical history or health questionnaire.
  3. Does my child need a medical exam for the policy?
    • Many policies for minors do not require a medical exam, but this can vary by insurer and the amount of coverage being applied for.

Policy Management

  1. Who owns the life insurance policy on a minor?
    • The parent or legal guardian typically owns the policy until the child reaches the age of majority (usually 16), at which point ownership can be transferred to the child.
  2. Can I change the beneficiary on my child’s life insurance policy?
    • Yes, the policy owner can usually change the beneficiary by contacting the insurance company and completing the necessary forms.

Policy Features and Benefits

  1. What is cash value, and how does it work in a minor’s policy?
    • Cash value is a component of permanent life insurance policies that accumulates over time and can be borrowed against or withdrawn. It can provide financial flexibility in the future.
  2. Can my child use the cash value in their life insurance policy?
    • Yes, once the policy has accumulated sufficient cash value, it can be accessed by the policy owner (the parent or guardian) or the child once they assume ownership.
  3. What are riders, and should I consider them for my child’s policy?
    • Riders are additional benefits that can be added to a policy, such as a waiver of premium rider (which waives premiums if the policy owner becomes disabled) or an accidental death benefit rider.

Termination and Renewal

  1. What happens if I miss a premium payment on my child’s policy?
    • Most policies have a grace period during which you can make the payment without losing coverage. If the premium remains unpaid beyond this period, the policy may lapse.
  2. Can I reinstate a lapsed policy for my child?
    • Many policies allow for reinstatement within a certain period, often requiring payment of back premiums and proof of insurability.
  3. What happens to the policy when my child turns 16?
    • Depending on the policy terms, ownership can be transferred to the child, who then becomes responsible for managing the policy and paying premiums.
  4. Can my child continue the policy into adulthood?
    • Yes, most life insurance policies for minors are designed to provide lifelong coverage, and the policy can continue into adulthood with the child assuming ownership.

Special Considerations

  1. Are there tax benefits to purchasing life insurance for my child?
    • Life insurance policies can have tax advantages.
  2. How much coverage should I get for my child?
    • Coverage amounts vary based on individual needs and financial goals. Some parents opt for larger amounts for future financial planning.
  3. Can my child be insured if they have a pre-existing medical condition?
    • Insurability may depend on the severity of the condition and the insurer’s underwriting guidelines. Some policies might be available without medical underwriting.
  4. Is life insurance for my child worth it?
    • The decision depends on your financial goals and personal circumstances. Life insurance can provide financial security, savings benefits, and future financial planning opportunities.

These FAQs address common concerns and questions that parents or guardians might have when considering a life insurance policy for their child. Providing clear and comprehensive answers can help them make informed decision and can help improve customer satisfaction and trust in IME Life  Insurance Company.

Application Process
  1. How do I apply for a life insurance policy?
    • You can file through a licensed insurance agent or by yourself.
  2. What information do I need to provide during the application?
    • Personal information (Citizenship, National ID Card, Birth Certificate, Relationship Certificate), health history, job details, and financial information for income Source.
  3. Will I need a medical exam?
    • Some policies require a medical exam, while others, like simplified or guaranteed issue policies, do not.
Policy Management

How do I make changes to my policy?

    • Contact the customer service department to make changes such as updating beneficiaries or increasing coverage.

How do I pay my premiums?

Premiums can typically be paid monthly, quarterly, semi-annually, or annually via various payment methods such as IME Pay, ESewa, Khalti,Fonepay

Claims and Benefits
  1. How do my beneficiaries file a claim?
    • Beneficiaries need to contact any branches of IME Life Insurance Company, provide the policy number, and submit a death certificate along with a claim form.
  2. How long does it take to process a claim?
    • Claim processing time varies but typically takes anywhere from a few days to a few weeks, depending on the complexity and completeness of the documentation.
Policy Features and Options
  1. What is a cash value, and how does it work?
    • Cash value is a feature of permanent life insurance policies that builds up over time and can be borrowed against or withdrawn.
  2. Can I borrow against my life insurance policy?
    • Yes, if you have a policy with a cash value component, you can typically borrow against it.
  3. What are policy riders, and should I consider them?
    • Riders are additional benefits or options you can add to your policy, such as disability waiver of premium, accidental death benefit, or critical illness coverage.
Termination and Renewal
  1. What happens if I miss a premium payment?
    • Most policies have a grace period (One month) during which you can make a payment without losing coverage. If you miss this period, your policy may lapse.
  2. Can I reinstate a lapsed policy?
    • Many policies allow reinstatement within a certain period, often requiring payment of back premiums.
  3. What are my options if I can no longer afford my premiums?
    • You can reduce your coverage, switch to a more affordable policy, or use accumulated cash value to pay premiums if applicable.
  4. What happens when my term policy expires?
    • You can renew the policy, convert it to a permanent policy, or purchase a new policy. Renewal premiums are typically higher due to increased age.
बारम्बार सोधिने प्रश्नहरू

Dear Policy Holders Thank you for choosing IME Life for Insurance. We understand your apprehension regarding the safety of your investment. We assure that you are at safe in hands. The points below will help you for hassle free premium payment and claim settlement. Please consider them for your own handiness.

We strongly recommend you for timely premium payment. It yields higher bonuses. In case the policy is lapsed, reviving it, can be very burdensome with added costs and extra medical requirements.

Premium payment made “yearly” are best recommended which entitles you for higher discount rates and easy reminders- at the same time every year.


Change of mode of payment is also possible. However, lower frequency yields you smaller returns, as aforementioned.


Payment of premium can be made via cash or cheque within the provided grace period.

Premium can also be paid at IME Centers across the country.
Policy number should not be mistaken at any cost if the payment is being made through banks.

To be on the safe side, kindly keep the deposit voucher with yourself for future reference.

In case of the policy resulting into claim by death, please inform the nearest IME Life office along with the Original Policy document. They will guide you to hassle free claims as far as possible.

It is advised to keep the original policy document safe. Producing a duplicate copy during claims will be time consuming and cumbersome.

While assigning nominees for your policy consider your nearest kin. This is required to keep your nomination valid. Also, we advise you to change your nominees only at obligatory cases.

For convenient accessibility and communication it is advised to let IME officials know about any variation in your contact number and address.

  1. What types of life insurance policies do you offer?
    • Term Life Insurance
    • Whole Life Insurance
    • Universal Life Insurance
  2. How do I decide which type of life insurance is right for me?
    • It depends on your financial goals, budget, and the coverage duration you need. Consulting with a financial advisor can help.
  3. What is the difference between term life and whole life insurance?
    • Term life provides coverage for a specific period, while whole life offers lifelong coverage and includes a savings component.
  4. How much life insurance coverage do I need?
    • Coverage needs vary based on your financial obligations, income replacement needs, and future goals. A common guideline is 10-15 times your annual income.