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<p>Insurers welcomed the IB directive while also point to the challenges the policy may face in the future. “Though micro-insurance program a good concept, issuance of policies might be a bigger challenge as good understanding of importance of insurance is seen lacking in educated Nepalis, let alone the low-income earners and illiterate people,” said Bijay Bahadur Shah, Chairman of Insurance Association of Nepal. “Thus, awareness among targeted group is an important step to be taken.” </p>
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<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
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<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
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<p>Likewise, maximum insurance amount for accidental micro-insurance will be Rs 150,000 and will be charged 0.1 percent premium. Under life insurance, fixed-term micro life insurance will cover maximum of Rs 150,000 insurance amount and term micro-life insurance will cover Rs 100,000. Meanwhile, the amount to be charged in life insurance scheme is yet to finalize by the board. </p>
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IB directs insurance companies to initiate Micro-insurance
1 min 37 sec to read
March 21: Insurance Board (IB) has directed insurance companies to initiate Micro-insurance schemes to target low income earners. IB has directed companies to develop two types of insurance scheme under life insurance and three types of insurance schemes under non-life insurance. According to Rajuraman Poudel, Director of IB, the board has already developed structure of non-life insurance policies, while the final structure of life-insurance policies is in progress.
As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.
As per the directive, household micro insurance will cover amount up to Rs 200,000 under which homes and properties can be insured. Insurer need to pay 0.25 percent premium of total insurance amount under property insurance. Similarly, the health micro-insurance will cover amount up to Rs 35,000 per family of five for which the insurer are required to pay 4 percent premium of total insurance amount.
Likewise, maximum insurance amount for accidental micro-insurance will be Rs 150,000 and will be charged 0.1 percent premium. Under life insurance, fixed-term micro life insurance will cover maximum of Rs 150,000 insurance amount and term micro-life insurance will cover Rs 100,000. Meanwhile, the amount to be charged in life insurance scheme is yet to finalize by the board.
Insurers welcomed the IB directive while also point to the challenges the policy may face in the future. “Though micro-insurance program a good concept, issuance of policies might be a bigger challenge as good understanding of importance of insurance is seen lacking in educated Nepalis, let alone the low-income earners and illiterate people,” said Bijay Bahadur Shah, Chairman of Insurance Association of Nepal. “Thus, awareness among targeted group is an important step to be taken.”
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<p>Insurers welcomed the IB directive while also point to the challenges the policy may face in the future. “Though micro-insurance program a good concept, issuance of policies might be a bigger challenge as good understanding of importance of insurance is seen lacking in educated Nepalis, let alone the low-income earners and illiterate people,” said Bijay Bahadur Shah, Chairman of Insurance Association of Nepal. “Thus, awareness among targeted group is an important step to be taken.” </p>
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<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
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<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
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<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
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<p>Insurers welcomed the IB directive while also point to the challenges the policy may face in the future. “Though micro-insurance program a good concept, issuance of policies might be a bigger challenge as good understanding of importance of insurance is seen lacking in educated Nepalis, let alone the low-income earners and illiterate people,” said Bijay Bahadur Shah, Chairman of Insurance Association of Nepal. “Thus, awareness among targeted group is an important step to be taken.” </p>
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'content' => '<p>March 21: Insurance Board (IB) has directed insurance companies to initiate Micro-insurance schemes to target low income earners. IB has directed companies to develop two types of insurance scheme under life insurance and three types of insurance schemes under non-life insurance. According to Rajuraman Poudel, Director of IB, the board has already developed structure of non-life insurance policies, while the final structure of life-insurance policies is in progress. </p>
<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
<p>As per the directive, household micro insurance will cover amount up to Rs 200,000 under which homes and properties can be insured. Insurer need to pay 0.25 percent premium of total insurance amount under property insurance. Similarly, the health micro-insurance will cover amount up to Rs 35,000 per family of five for which the insurer are required to pay 4 percent premium of total insurance amount.</p>
<p>Likewise, maximum insurance amount for accidental micro-insurance will be Rs 150,000 and will be charged 0.1 percent premium. Under life insurance, fixed-term micro life insurance will cover maximum of Rs 150,000 insurance amount and term micro-life insurance will cover Rs 100,000. Meanwhile, the amount to be charged in life insurance scheme is yet to finalize by the board. </p>
<p>Insurers welcomed the IB directive while also point to the challenges the policy may face in the future. “Though micro-insurance program a good concept, issuance of policies might be a bigger challenge as good understanding of importance of insurance is seen lacking in educated Nepalis, let alone the low-income earners and illiterate people,” said Bijay Bahadur Shah, Chairman of Insurance Association of Nepal. “Thus, awareness among targeted group is an important step to be taken.” </p>
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<p>As per Micro Insurance Directive 2071, the board has launched household micro-insurance, health micro-insurance and personal micro-insurance under non-life insurance. Similarly, fixed-term and term micro life insurances have been launched under life insurance. IB has directed companies to issue such insurance schemes in low-income groups and rural area only.</p>
<p>As per the directive, household micro insurance will cover amount up to Rs 200,000 under which homes and properties can be insured. Insurer need to pay 0.25 percent premium of total insurance amount under property insurance. Similarly, the health micro-insurance will cover amount up to Rs 35,000 per family of five for which the insurer are required to pay 4 percent premium of total insurance amount.</p>
<p>Likewise, maximum insurance amount for accidental micro-insurance will be Rs 150,000 and will be charged 0.1 percent premium. Under life insurance, fixed-term micro life insurance will cover maximum of Rs 150,000 insurance amount and term micro-life insurance will cover Rs 100,000. Meanwhile, the amount to be charged in life insurance scheme is yet to finalize by the board. </p>
<p>Insurers welcomed the IB directive while also point to the challenges the policy may face in the future. “Though micro-insurance program a good concept, issuance of policies might be a bigger challenge as good understanding of importance of insurance is seen lacking in educated Nepalis, let alone the low-income earners and illiterate people,” said Bijay Bahadur Shah, Chairman of Insurance Association of Nepal. “Thus, awareness among targeted group is an important step to be taken.” </p>
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