Insurance Authority Approves 21 New Policies and 12 Rider Contracts in One Year
Kathmandu — The Nepal Insurance Authority has approved 21 new insurance policies and 12 new supplementary (rider) contracts by mid-March of the current fiscal year 2025/26. According to the Authority, only life insurance companies have received approvals for rider policies.
As per the Authority, two new insurance policies and two riders submitted by life insurance companies have been approved. Similarly, amendments made to two previously revised policies and five riders have also been approved.
Among the approved policies and supplementary contracts is the women-focused “Nepal Life Nari Suraksha Life Insurance Plan.” This plan includes provisions for adding a Pregnancy Complication Rider and a Maternity Care Rider, considering potential complications during pregnancy.
11 Life Insurance Policies Approved
In the life insurance category, 11 rider policies have been approved. A total of eight new insurance plans have been approved by mid-March.
Among non-rider products, Citizen Life’s Group Endowment Plan, Nepal Life’s Endowment Cum Plan and Nari Suraksha Life Insurance Plan, Sanima Reliance Life’s Group Term and Affinity Plans, and Sun Nepal Life’s Smart Protection Plan, Group Endowment Plan, Endowment Cum Term Plan, and Golden Child Plan have been approved.
14 New Non-Life Insurance Policies Approved
In the non-life insurance segment, the Authority has approved 14 new insurance policies. Among them, IGI Prudential Insurance Company’s Tourism Insurance and Professional Indemnity Insurance for construction projects have received approval.
Himalayan Everest Insurance Company had proposed Small and Medium Enterprise Protection Insurance and Professional Indemnity Insurance for construction projects, both of which have been permitted for sale by the Authority.
NLG Insurance Company and Sagarmatha Premier Insurance Company also submitted Professional Indemnity Insurance plans for construction projects, which have been approved. Shikhar Insurance Company’s “Shikhar Motor Extended Warranty Insurance Plan” and United Ajod Insurance Company’s “Ajod Motor Extended Warranty Insurance Plan” have also been approved. Likewise, Siddhartha Premier Insurance Company’s Professional Indemnity Insurance for construction projects and The Oriental Insurance Company’s enhanced Property Insurance coverage along with the “Oriental Overseas Mediclaim Insurance Plan” have also received approval.
According to the Authority, the development and sale of insurance policies are carried out under strict regulatory oversight. Although companies can design their own policies, they are not allowed to sell them without approval from the Authority. Proposed policies are evaluated, and only those deemed appropriate are granted permission for sale.
Risk assessment plays a crucial role in designing insurance policies. Factors such as geography, environment, lifestyle, income levels, and other socio-economic conditions determine risk, so insurance products must vary according to geographic and social context.
In the Nepali insurance market, there has been a tendency to replicate Indian insurance products. Insurance experts have repeatedly raised concerns about the lack of policies tailored to Nepal’s context.