Life insurance Companies Collected 22 Million Rupees from Term of Insurance
Kathmandu : In the two months of the current financial year 2022/023, life insurance companies have managed to earn insurance premiums worth 219.6 million 66 thousand rupees from term of life insurance policies.According to the financial statement published by the Insurance Authority up to the month of August, the life insurance companies sold a total of 42 lakh 63 thousand 720 insurance policies and earned the insurance fee.
Term of life insurance is the life insurance for foreign workers. Especially in this life insurance, only death benefit facility is provided. But after paying some additional fees, health treatment expenses can also be available along with the death benefit.
Life insurance companies have managed to earn the highest premium from term of life insurance in Bagmati province by the month of August. The companies have sold 3,658,382 insurance policies in this province and earned a total of 143 million rupees worth of insurance fees.
According to the published data, Bagmati province has more insurance charges due to its being the federal capital of the country and the population is more than all other provinces and it has developed as a commercial center.In addition, life insurance companies have sold five lakh 41 thousand 789 term of life insurance policies in Koshi province. The company has earned an insurance fee worth.
By the month of August, life insurance companies have sold 12 thousand 190 insurance articles in Madhes province and earned a total of Rs.50 lakh 46 thousand insurance fees. In addition to this, seven thousand 832 insurance articles were sold in Gandaki Province and Rs.49 lakh 71 thousand, in Lumbini Province,In addition, the companies have earned the lowest insurance premiums in the Karnali region. Life insurance companies have sold only 8 thousand 339 term insurance policies in this province. The companies have earned a total of 17 lakh 17 thousand rupees for the said insurance policy.
The farthest province from the federal capital is Sudurpaschim. The province, which is lagging behind in terms of social, economic, health and education, has also been lagging behind in the insurance business.
Life insurance companies have sold 13,572 term of life insurance articles in the province. Companies have earned a total of 17 lakh 46 thousand rupees through the insurance policy sold.Nepal Insurance Authority has removed the provision of bridging in term of life insurance from the previous financial year.
In term of life insurance, it is usually done between the borrower and the borrower for the entire loan period and when the policy is established, the loan principal is paid in a lump sum after the loan term expires, in case of death of the insured borrower, a lump sum and if the loan amount is paid in installments, both the principal and interest are paid.If payment is made, only the outstanding amount is considered as insurance, and if the debtor or the insured dies, the insurer will not pay only the said amount to the creditor.Even if the debtor is alive, he will not get any money back. Flat term of life insurance, which has to pay a lump sum without reducing the sum assured, and decreasing term of life insurance, is called reducing term of life insurance. Or the purchase cannot be counted as insurance profit.