Claim Payment of 69.62 Billion Rupees by Nepal Life Insurance Till the Mid of October

Kathmandu: Nepal Life Insurance Company has paid claims of 69 billion 62 million rupees by the mid of October, 2023 A.D. During this period, the company has paid 5.68 billion Rupees for death claim payment, 19.78 billion Rupees for matured claim payment and 23.44 billion Rupees for advance claim payment.

This company that pays the most death claims in Nepal’s insurance sector has paid death claims to 13,512 beneficiaries by the mid of October 2023 A.D. The company has already paid 3.71 billion to 11,177 people under the conventional plan and 1.97 billion to 2,335 people for foreign employment.

The company has made its claim process very easy and the company is ready to pay as soon as the documents for the claim are received. According to the company, 93 percent of the death claim payment applications received by the company in the first quarter of this financial year have been settled. If all the documents are received, the company has made arrangements to pay the death claim payment within 3 working days for the accident section and within 7 working days for the normal death claim payment.

The company has paid 46 percent of death claims within three days during this period. Similarly, 67 percent of claims were made within one week and 81 percent of death claim payments were made by the company within one month. The company is ready to pay 100 percent of the claims as soon as possible, but due to the lack of timely availability of necessary documents, the company said that the payment of some claims has been delayed.

The company has also posted information on its website with the intention of informing about the documents required for claim payment. If you have any questions about the documents required to receive claim payment, the company also invites you to contact the claim department, regional office and branch office of this company. The company said that if all the documents are received, the company has developed an internal system to pay within the minimum period

Nepal Life Insurance Company has strengthened and made its internal systems technology friendly for payment of death claims. Meanwhile, Pravin Raman Parajuli, the chief executive officer of this company, has said that arrangements have been made to pay the death claims in the shortest possible time by using the best modern technology. By paying 99.13 percent of death claims in the fiscal year 2022 A.D Nepal Life has succeeded in becoming the life insurance company that pays the highest number of death claims.  Likewise, in the fiscal year 2021 A.D (2078/79 B.S), the company had paid 99.07 percent of death claims.

Chief Executive Officer Parajuli has expressed that the company is determined to pay death claims in an effective, fast, accurate and correct manner, and also he said that the company has made arrangements to pay as soon as all the documents are received for the claim process.