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Number of People Opting for Life Insurance Policy up by 25 percent

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Number of People Opting for Life Insurance Policy up by 25 percent
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September 9: Altogether 1,201,463 people purchased life insurance policy in fiscal year 2018/19. This figure is 25 percent more compared to the previous fiscal year 2017/18, during which a total of 953,749 people had bought life insurance policy.

According to the Insurance Board, life insurance scheme covers a total of 55,44,998 people in Nepal so far. It means around 19 percent of the total population of Nepal have purchased life insurance policies.

A highly-placed source at the Insurance Board said that the figure was 14 percent in the last fiscal year.

There is high chances that a single person might purchase more than one insurance policy. Therefore, the international standard demands reducing 5 percent from the total percentage making calculation.

Raju Raman Poudel, executive director of the Insurance Board, said that they have set a target of selling life insurance policy to at least 25 percent of the population in the current fiscal year.

 

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