Insurance Companies Must Act Responsibly on Term Policies, Says Chairman Ojha
Kathmandu — Nepal Insurance Authority Chairman Sharad Ojha has called on insurance companies to adopt a more responsible and targeted approach toward term insurance, citing its critical role in ensuring financial security for families. His remarks came during the official launch of SuryaJyoti Life Insurance Company Limited’s new digital services — the ‘SuryaJyoti Cares Digital Card’ and the ‘SuryaJyoti e-Loan’ held in Lalitpur.
Chairman Ojha emphasized that term insurance remains one of the most effective instruments in life insurance, as it offers substantial risk coverage at relatively low premiums. He stressed the importance of integrating term insurance more strategically within company operations and expanding its reach to underserved populations.
He also commended SuryaJyoti Life for its digital innovations, stating that Nepal’s insurance sector must align with global trends in digitalization. Highlighting examples from neighboring countries, he encouraged domestic insurers to broaden their digital services, especially in critical areas like healthcare and emergency support.
The newly introduced digital card enables insured customers and agents to access discounts at partner hospitals and commercial outlets, while the e-loan service allows policyholders to apply for loans of up to Rs 5 lakh through a fully digital platform. Ojha emphasized the need for effective promotion and sustained service delivery to ensure these innovations translate into real benefits for the insured.
He further called on insurers to incorporate term insurance into branch-level targets, stressing the importance of structured implementation. According to Ojha, services like those launched by SuryaJyoti Life must be backed by accountability and transparency to build trust and deliver long-term value.
The event was attended by key officials from the Nepal Insurance Authority, executives from SuryaJyoti Life, and top-performing agents from across the country.