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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward.
Excerpts:
How would you evaluate the overall scenario of life insurance business in the country?
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion.
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme.
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance.
In your view, what types of reforms are needed in the business?
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute.
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.
Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness?
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity.
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.
The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover?
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon.
It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours.
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.
Does NLIC have any plans to launch new policies?
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation.
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units.
What major three points that makes your company stand out from the rest?
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us.
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.
What has the future in store for the insurance business in Nepal?
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow.
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
</div>',
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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<span style="font-size:14px;">Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward. </span></p>
<p>
<span style="font-size:14px;"><strong>Excerpts:</strong></span></p>
<p>
<strong><img alt="Vivek Jha,CEO of Nepal Life Insurance" height="245" src="https://lh3.googleusercontent.com/-mXl_uWsh1XQ/UdFQLcSkBaI/AAAAAAAAAns/0uhVocA-ADU/s309/VJ.jpg" style="float: left; margin: 0px 10px 0px 0px;" width="220" />How would you evaluate the overall scenario of life insurance business in the country? </strong></p>
<p>
Well, we can say that although the sector is in its infancy, it is definitely growing. But there is a lot that needs to be done. The insurance sector contributes Rs 1.46 per cent to Nepal’s GDP. A total of Rs 60 billion has been invested in the insurance sector. NLIC alone has put in Rs 13-14 billion. </p>
<p>
According to official figures, around five per cent of Nepalis are insured. However, I believe the figure is much lower as many people have subscribed to more than one insurance scheme. </p>
<p>
For any insurance market to develop, the people should understand that insurance is for financial security. In Nepal, however the present situation is such that agents need to force people into buying policies as the general public is not aware of the benefits of insurance. </p>
<p>
<strong>In your view, what types of reforms are needed in the business? </strong></p>
<p>
Basically, the very first thing that the government should do is prioritise the sector. I believe that the sector can take off if the government could issue long term bonds of 14-15 years.</p>
<p>
The next thing that needs to be done is bring about awareness among the people that insurance is necessary for financial security. Similarly, insurance companies should work on improving the standard of their corporate governance and other services. Investment opportunities for insurance companies in our country is available only for shorter term because our government does not issue long-term securities. If the government issues long-term infrastructure bonds, the insurance sector could contribute. </p>
<p>
Human resources, including the insurance agents are very important in insurance business. They need to be able to perform their jobs well.</p>
<p>
<strong>Most people, including the educated, still do not have a clear idea of insurance. They take it as an expense rather than investment. What should be done to raise awareness? </strong></p>
<p>
Life insurance basically entails two products -- protection and investment. In our country, it is mostly the investment product that is being sold. And there is a big misconception among buyers of life insurance policy that the amount they have invested will be doubled upon maturity. </p>
<p>
Before buying any policy, one has to be sure about the returns. And this is possible only when agents take the time to explain.</p>
<p>
<strong>The purpose of insurance is basically to provide financial security. People with low income are the ones who need such security. But they cannot afford it. What should be done to provide them insurance cover? </strong></p>
<p>
That is where micro insurance comes in. We have been working on the idea for quite some time now. We have covered 63 districts and are definitely going to cover all 75 soon. </p>
<p>
<strong>It has been said that premium rates are quite high in Nepal compared to those in the neighbouring countries. Is that so?</strong></p>
<p>
In my opinion, the premium rates are not high. Rather, the rate of return on the insurance premium paid is higher here. We can say this while comparing with India where the insurance products are similar to ours. </p>
<p>
Bonus rate of 60 to 80 per thousand as provided by Nepal Life Insurance is very competitive and is better than in neighbouring countries. There are low cost products such as term insurance products, which are not that popular in our country. To bring down the premium rate, we should introduce such types of products.</p>
<p>
<strong>Does NLIC have any plans to launch new policies? </strong></p>
<p>
We are going to expand micro insurance. We are also concentrating on health insurance. We are trying to bring some diversified products which will be new to the Nepali market. We are also going to make some segmentation. </p>
<p>
We are also planning to introduce child education insurance. Right now we are opting for low cost outlets that will function more like customer care units. </p>
<p>
<strong>What major three points that makes your company stand out from the rest?</strong></p>
<p>
We have a totally committed and visionary team in the management. We believe that people are the most important assets of our company. We also have professionally dedicated agents working for us. </p>
<p>
The most important thing that sets us apart from the rest is that we believe in customer satisfaction. Our ability to satisfy the customer’s needs is what has made us successful in what we do. We aspire to have the highest possible level of coordination among staffers.</p>
<p>
<strong>What has the future in store for the insurance business in Nepal? </strong></p>
<p>
The future of insurance business in Nepal is very bright. The sector has huge potentials. A huge sum of money is leaving the country to pay for reinsurance. We should be able to stem that outflow. </p>
<p>
It is actually very easy for the sector to grow five folds. But the players need to be disciplined, have a vision and concentrate on improving consumer satisfaction. Agents should not engage themselves in fraudulent activities to sell insurance.</p>
<div>
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'description' => 'Vivek Jha is the CEO of Nepal Life Insurance. In an interview with The Corporate’s Sweta Sharma, he talked about the overall scenario of life insurance business in Nepal and future reforms necessary to take the sector forward.',
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How would you evaluate the overall scenario of life insurance business in the country? 
