Suryajyoti Life’s child insurance policy has condition of not bearing the risk of the insured,

Kathmandu: SuryaJyoti Life has been selling and distributing child insurance policy under the condition that it insures children but does not bear the risk fully. After Beemapost published the news about SuryaJyoti Life fraud, there is a heated debate in the entire insurance sector. Agents and employees of SuryaJyoti Life are also writing comments against Beemapost.

SuryaJyoti Life Insurance Company continues to sell child insurance policies with the condition that the insured’s risk protection is only 25 percent. After the news was published in Beemapost, there was a lot of criticism, as “the policy was approved by the insurance authority”. Yes, it is seen that SuryaJyoti Life has approved the policy from the insurance authority but even the authority has been cheating the public because of their simple error.

Actually, there was a general error of the Insurance Authority’s clause 4 of the schedule related to Section 5 (4) of the Child Insurance Policy Guidelines states that “in case of death of the insured child, 25 percent premium or insurance fee, whichever is higher, shall be paid.” In that point, the sentence that the remaining 75 percent of the sum assured will be paid after the insurance period is over was missing. When asked to insurance authority about it their source says, “It is missing, we are looking into it.”

 

However, it has been found that SuryaJyoti Life Insurance Company’s senior managers, employees and CEOs who prefer to call themselves only ‘professionals’ are working with the wrong intention of cheating by selling insurance policies. A senior official of the Insurance Authority says, “There is no such thing as the risk of the insured not being protected, we look into that.”A senior official who has worked on child insurance policy also admitted that there is a common error and said, “One sentence is missing, insurance companies should have paid attention to the details when making the policy.”

During this period, the company has sold hundreds of child insurance policies called “Sunaulo Bhabishya (Bright Future)”. Some insurance agents who know about the insurance sector have not left concern in the company. But there is a complaint that the company is not interested. An agent who understands insurance said on the condition of not mentioning his name,” I saw from the beginning, I have not sold an insurance policy that does not cover the risk.”

On the other hand, SuryaJyoti Life Insurance Company has claimed that it has sold the child insurance policy according to the guidelines of the Insurance Authority. Umesh Mainali, information officer of the company, said, “We have sold child insurance policy after getting approval from the insurance authority, it is not a policy made by us.” The company has agreed to pay the insurance claim in the child insurance policy up to 25 percent of the insured child’s death or the premium paid, whichever is higher. Also, the company has made it clear that whoever is the mother or father of the proposer is 100% risk protected.

Analysts say that since the basic principle of insurance is risk protection, insurance policy that does not protect the insured’s risk, whether it is from the regulator or the insurance company, will be flawed.