Five Life Insurance Companies Announce Bonus Rates for FY 2080/81
Kathmandu – Out of the 14 life insurance companies operating in Nepal, five have announced new bonus rates for their policies for the fiscal year 2080/81. Nepal Life, SuryaJyoti Life, Citizen Life, IME Life, and Met Life have disclosed the rates applicable to various insurance plans, with nine other companies yet to follow suit.
The bonuses, approved by the Nepal Insurance Authority, are calculated per thousand rupees of the sum assured and will be applicable to claims, including death, maturity, surrender, and ongoing policies, until the next actuarial valuation is conducted.
Nepal Life Insurance
Nepal Life Insurance Company Limited has announced bonus rates ranging from Rs 56 to Rs 85 per thousand, depending on the policy. Term life insurance plans such as Suraksha Jeevan, Jeevan Jyoti, and Gramin Sawadhik offer bonuses of Rs 60 to Rs 82, while Jeevan Samunnat provides Rs 56 to Rs 70. The Sunaulo Bhabisya plan offers Rs 60 to Rs 65 for regular plans and Rs 55 to Rs 60 for single premium policies. Other plans, including Ketaketi Sunaulo Bhawishya provide bonuses of Rs 60 to 62, Jeevan Sahara and Jeevan Anmol provide bonuses of Rs 60 to Rs 82, while Jeevan Sarathi offers the highest range of Rs 62 to Rs 85.
SuryaJyoti Life Insurance
SuryaJyoti Life Insurance has introduced bonus rates between Rs 40 and Rs 90 across its policies. Term and whole life plans offer Rs 40 to Rs 75, while advance payment plans range from Rs 42 to Rs 60. Chaurasi Puja Jeevan Beema plans provide the highest bonus, ranging from Rs 45 to Rs 90. SuryaJyoti also stands out as the first insurance company in Nepal to adopt Risk-Based Capital (RBC) valuation guidelines, marking a significant milestone in the sector.
Citizen Life Insurance
Citizen Life Insurance has announced bonuses ranging from Rs 25 to Rs 80. Advance payment term life insurance policies offer bonuses of Rs 44 to Rs 55, while the Annual Advance Payment Term Policy provides Rs 25 to Rs 28. Citizen Shubharambha Yojana offers bonuses of Rs 39 to Rs 75, and regular term life policies range from Rs 38 to Rs 73. Child-focused plans like Citizen Bal Bhavishya Yojana provide bonuses of Rs 40 to Rs 67. The Citizen Jeevan Sarathi Yojana offers one of the highest bonuses, ranging from Rs 38 to Rs 80.
IME Life Insurance
IME Life Insurance has revealed bonus rates ranging from Rs 22 to Rs 80, depending on the plan. Term, limited payment term, and child term plans provide Rs 32 to Rs 70, while group term plans range from Rs 32 to Rs 75. Lifetime and term plans offer Rs 32 to Rs 80, and advance payment lifetime plans provide Rs 32 to Rs 63. Child advance payment term plans, such as Bal Umang and Bal Kiran, offer Rs 30 to Rs 65 and Rs 30 to Rs 60, respectively. The Dhan Sarita plan offers a flat bonus rate of Rs 22.
MetLife Insurance
Met Life Insurance has also announced new bonus rates for its policies. Advance payment insurance plans, including the Three Payment Plan, offer bonuses of Rs 45 to Rs 65, while the Midterm Growth Plan provides Rs 45 to Rs 55. Term life plans provide Rs 55 to Rs 75, and the Education Protection Insurance Plan offers Rs 55 to Rs 75, depending on the policy term.