In the last fiscal year, different insurance companies registered a total transaction of Rs 14.4 billion. Nine companies are providing life insurance service. Rastriya Beema Sansthan provides both life and non-life insurance services.
Increased awareness among the people about the risks associated with life and goods has been leading to a growth in this critical life insurance business.
There is still lack of positive attitude about insurance while it has also not been on government’s priority and cheap life insurance is yet to come within the reach of commoners. Besides, the lack of transparency and life insurance price also hampered monitoring in the sector in the past, for life insurance savings.
Reach of life insurance deals to rural population is yet to grow even though affordable life insurance business is growing in the urban centers.
The main challenge is to make aware the people about importance of life insurance. Why people should be insured? The insurance company must go to rural area but still they are focusing the cities. Another challenge in the current situation to make able to people to find out the differences between the networking company and Life Insurance Company. In the market, people fell same as network marketing to the life insurance company. People must know that life insurance company and networking company is totally different from each other. Life Insurance Company is totally fair and it is always monitored by the Government Authorized Institution. And all life Insurance Company has to deposit 250 million rupees and then they get permission to start their business
With awareness about the accidents and risks associated with industrial sector and risks posed by natural disasters, many people have started understanding the importance of insurance and life insurance cover. Different companies are launching different insurance schemes like endowment life insurance, 3pp program.
Here are the list of all the life insurance companies in nepal. If you have not got insurance, compare life insurance companies and get life insurance in one of them. May you find the best life insurance company according to your requirement. In my opinion I think Bima sansthan has the best life insurance cover.
List of top life insurance companies
- Nepal Life Insurance Company
- Gurance Life Insurance
- Bima Sansthan (government company)
- Prime Life Insurance Company
- Surya Life Insurance Company
- American Life Insurance Company
- Asian Life Insurance Company
- Life Insurance Corporation
- National life Insurance