Which insurance policy of the life insurance company is preferred by the insured?

Kathmandu : It has been seen that the life insurance companies are still dependent on the term insurance mandated by the government. The government has made term insurance compulsory.

It has been found that out of 9 types of insurance policies, life insurance policyholders purchase three insurance policies the most. Although 14 life insurance companies are selling 9 types of insurance policies, only three insurance policies are preferred by the insured.

Based on the life insurance policies active till mid of December month, it seems that term life insurance policies have the highest number of insured options.

According to the authority, 4 Million insurance policies are active for term life insurance till mid of December. 1 million of this insurance policy has been issued in Bagmati province alone.

Apart from this, short life insurance is the second choice of the insured which has around 3.5 Million active insurance policies and term life insurance is the third. Term life insurance, which is the third most popular, has 2.1 Million active insurance policies.

While the total number of 1.37 Billion life insurance policies are active, the number of these three insurance policies is significant. Apart from this, foreign employment insurance has come in the fourth number.

Out of the insurance policies purchased by the insured up to mid of December, 1Million 866 thousand insurance policies are foreign employment insurance policies. But this insurance policy has not been issued in all seven provinces like other insurance policies. Data shows that a large number of foreign employment insurances are active only in Bagmati province as most of people pay labour charge while going for other country for work and all those process has be done through Kathmandu.

These data shows that if the Nepalese citizen don’t have mandatory provision of having insurance in process of foreign employment then the amount of insurance policies issued would reduce half or more.