Attractiveness in term life insurance among 9 policies

Sep Tue 2022 02:29:32

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Attractiveness in term life insurance among 9 policies

Kathmandu. Most of the life insurance policyholders are attracted to term life insurance. According to the Insurance Committee, out of the 9 insurance products brought by the companies, it has been found that term life insurance is more attractive to them.

In just one month, companies have collected insurance fees worth 15.5 billion rupees through various insurance policies. Out of which, premiums equal to 5 billion 43 crore rupees have been raised from term life insurance. Among the insurance fees collected from different 7 provinces, Bagmati is the highest and Karnali is the lowest. In just one month, premiums worth 2.73 billion rupees have been collected from term life insurance from Bagmati. Similarly, under the same insurance policy, a premium of Rs 21 crore 02 lakh has been collected from Karnali.

Along with this, prepaid term life insurance is the most sold insurance product after term life insurance. From which premiums worth 4.6 billion rupees have been collected. From the sale of this policy, the highest insurance fee has been collected from Bagmati and the lowest from Far West only in the month of July.

In addition, premiums worth 2.24 billion rupees have been raised in one month under the modified term life insurance policy. Out of the amount raised from all the 7 provinces, the highest amount is from Bagmati province and the lowest amount is from Sudurpaschim.

Similarly, companies have collected 2 billion 22 billion rupees through the sale of term life insurance policies related to children. Out of which, most of them are from Bagmati province and less from Karnali.

On the other hand, 558.5 million rupees were raised from whole life insurance, 24.54 million rupees from foreign employment term life insurance, 15.26 million rupees from short term life insurance, 8.44 million rupees from term life insurance policy and 5 million rupees from single insurance fee life insurance policy.

According to the committee, companies have collected 150.26 million rupees from small life insurance business in one month. Out of which the highest amount has been raised from Bagmati Life Insurance. Premium worth Rs 10 crore 49 lakh has been collected from that province alone. The least is from Madhesh province. During the review period, only 25 lakh 85 thousand rupees premium has been collected from Madhesh province.