Royal Insurance Corporation of Bhutan Limited - RICB

1. What is the Gaki Pelzom Life Policy?

Gaki Pelzom Life Policy is a unique long-term life insurance plan designed to offer both savings and protection. Risk coverage continues up to 97 years of age, even after premium payments end.

2. What makes GPLP special?

• Flexible policy term options ranging from 5 to 52 years
• Covers you up to 97 years of age.

3. Who can apply for this policy?

Anyone aged 18 to 55 years can apply. The policy must mature before the policyholder turns 70 years old.

4. What is the Sum Assured range?

The Sum Assured ranges from Nu 50,000 to Nu 500,000.

5. What are the available policy terms?

The policy term can be from 5 years to 52 years, depending on the proposer’s age and maturity limit (up to 70 years of age).

6. What premium payment options are available?

All modes of payment are accepted: monthly, quarterly, half-yearly, and annually.

7. What are the benefits under this policy?

• Survival Benefit
• Death Benefit (with or without Accident Benefit)
• Accident Benefit (optional)
• Permanent Disability Benefit
• Policy Loans
• Surrender Option
• 50% Tax Rebate

8. What is the Survival Benefit?

After the completion of the premium paying term, the Sum Assured + Accrued Bonuses will be paid to the policyholder.

9. What are the Death Benefits?

Without Accident Benefit (AB):
• During premium paying term: Sum Assured + Accrued Bonus
• After premium paying term and before age 97: Sum Assured only
With Accident Benefit (AB):
• If death occurs during premium paying term: Sum Assured + Accrued Bonus + Accident Benefit coverage
• If death occurs after the premium paying term but before age 70: Sum Assured + Accident Benefit coverage

Note: AB Cover is available across all premium payment modes but
only until the proposer’s age of 70, and up to Nu 500,000 Sum Assured.

10. What are the Disability Benefits?

Without AB Cover:
• If the policyholder becomes permanently disabled before the age of 60, premium payment will be waived for the first policy in force, up to Nu 20,000 Sum Assured.
• Disability must be certified by a registered medical doctor.

With AB Cover:
• If total and permanent disability occurs during the premium paying term, future premiums will be waived, and the Sum Assured will be paid in monthly instalments over 10 years.
• Must be certified by a medical doctor.

11. Can I avail a loan against this policy?

Yes. You can take a loan up to 90% of the policy’s Surrender Value.

12. When can I surrender my policy?

You can surrender the policy after paying at least 2 years of full premiums. The surrender value will be calculated as per company norms.

13. What is a Paid-Up Policy?

If you pay premiums for at least 2 years and then stop, the policy becomes “paid-up” and continues with a reduced Sum Assured.

The reduced benefit will be payable on maturity or death.

14. What happens if I don’t pay premiums for 2 years?

If you stop paying premiums before completing 2 years, and do not revive it within 5 years of the first unpaid premium, the policy will be forfeited and no benefits will be paid.

15. Is su***de covered under this policy?

No. If the proposer commits su***de (whether sane or insane) within 1 year from the policy start date, the policy will be void.

16. Are there tax benefits?

Yes. You can get a 50% tax rebate on the premiums paid during a financial year.

17. What documents are needed to apply?

• Completed Proposal Form (available at www.ricb.bt)
• Valid CID copy
• Standing Instruction or Authorization Letter from employer (if applicable)

18. How can I apply?

• Visit the nearest RICB branch office
• Contact Sales Executives of RICB
• Submit scanned documents via a representative if you are unable to visit in person.

Visit www.ricb.bt for more details

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