All life insurance companies can issue term insurance policies

Jul Thu 2022 02:15:18

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All life insurance companies can issue term insurance policies

Kathmandu. From now on, all life insurance companies will be able to issue foreign employment term life insurance. With the decision of the insurance committee to cancel the procedure related to "Foreign employment period life insurance policy bridge", interested companies can issue insurance policy.

The procedure received from the life insurance companies doing life insurance business was implemented in order to operate Bozim foreign employment term life insurance in a systematic manner. According to the same arrangement, insurance documents are being issued through the bridge system according to the agreement of the companies.

The committee has arranged that from July 15, all interested life insurance companies can issue foreign employment term life insurance policies. However, the companies will be able to issue such insurance policy only through online means.

The committee said that no new insurance policy will be issued from the foreign employment term life insurance bridge effective from July 1st and the bridge will automatically be canceled after the liability of all the insurance policies issued before is over.

In this way, when issuing insurance policy through online means, the companies will not be allowed to set the amount of service fee to be provided to the payment service provider more than the fee charged when issuing other insurance policy through online. In addition, the committee said that the payment service fee cannot be included in the fixed insurance fee.

According to the committee, the committee should be informed before starting the foreign employment term life insurance business. And even if the business has to be closed, the committee should be informed along with the reason.