Jyoti Life Insurance Company in The Liquidation Process, What Happens to The Insurance Policy?

Kathmandu : The details related to the registration of Sabik Jyoti Life Insurance Company have been cancelled. After Jyoti Life was acquired by Surya Life Insurance Company, Jyoti Life went into liquidation process. The insurance policies, bonus rates, entire loan amount in the name of Jyoti Life were acquired by Surya Life. The two companies that went through the merger process last year started integrated business from 7th of Poush 2079 B.S. After starting the integrated business, the merger committee decided to change the name of Surya Life to Surya Jyoti Life and to liquidate Jyoti Life. According to that decision, Jyoti Life has ceased to exist.

Even though Jyoti Life Insurance Company has gone into liquidation, Suryajyoti Life will now pay the insureds who have taken the insurance policy of that company. Since Jyoti Life has been acquired to assume all assets and liabilities, the insured of Jyoti Life will also receive a bonus based on the bonus rate determined by Jyoti Life and will receive payment from Suryjyoti Life.Jyoti Life was duly established on Ashwin 8, 2074 B.S  and Prakash Vikram Khatri, was the founder CEO of the company.