List of Life Insurance Companies in Nepal
Here is name list of Life Insurance Companies in Nepal. Insurance Companies in Nepal are playing vital roles to collect money in the state. Nepal has many nationalized and private Insurance Companies. There are 15 Life Insurance Companies of Nepal. There are enlisted 15 lists of licensed Life Insurance Companies of Nepal.
These are top Life Insurance Companies of Nepal. These are not only top 10 life insurance companies in Nepal. These are not only the top 5 Life Insurance Companies of Nepal. It may include the best Life Insurance Companies of Nepal.
Human life is full of risks and uncertainty. Each and every step of life is full of risks. We can not eliminate risk. However, we can make provision for financial security against risk. Insurance is the means to get financial security against risk.
Insurance is a way of reducing the uncertainty of the occurrence of an event. Insurance is an investment, from which we get a return only when a certain loss occurred from the predetermined incident.
“Insurance has been defined as a plan by which a large number of people have associated themselves and transfer to shoulders of all, risks to attach individuals. J.H. Magee”
Insurance plays a very important role in the modern economy. It provides financial security of life and property of the business and private owners. The insurance helps the business owner labor, as well as people, feel security against future unexpected risks.
Insurance has a wide scope in the modern world. There are varieties of insurance policy available in Nepal to secure different types of risks. There is generally two types of life insurance provided by insurance companies in Nepal. One is life insurance and another is nonlife insurance. check here List of Life Insurance Companies in Nepal
The life insurance business that has a nearly six-decade-old history in Nepal has witnessed significant growth in recent years. Rastriya Beema Sansthan provides both life and non-life insurance services.
The main challenge of Life Insurance Companies in Nepal is to make aware the people about the importance of life insurance. Why should people be insured? Life Insurance Companies in Nepal is very fair and the Government Authorized Institution always monitors all the insurance companies in Nepal.
Here is the List of Life Insurance Companies in Nepal. If you have not got insurance, compare life insurance companies and get life insurance in one of them.
These are the American life insurance company limited (Alico), Asian life insurance company, Gurans life insurance company limited. Life insurance Corporation (Nepal) limited. National life insurance Company limited. Nepal life insurance Company limited.
NLG insurance company limited. Prime life insurance Company limited. Rastriya Beema Sansthan. Surya life insurance Company limited. All the detail with List of Life Insurance Companies in Nepal based on name, year established, head office, fax no. phone no. links etc are given below: Here is the name List of Life Insurance Companies in Nepal.
Name list of Life Insurance Companies in Nepal
1. American life insurance company limited (Alico)
2. Asian life insurance company
3. Gurans life insurance company limited.
4. Life insurance corporation (Nepal) limited.
5. National life insurance company limited.
6. Nepal life insurance company limited.
7. Prime life insurance company limited.
8. Rastriya Beema Sansthan
9. Surya life insurance company limited.
10. I.M.E. Life Insurance Company Limited
श्री आइ.एम.ई लाइफ इन्स्योरेन्स कम्पनी लिमिटेड
11. Jyoti Life Insurance Company Limited
श्री ज्योति लाईफ इन्स्योरेन्स कम्पनी लिमिटेड
12. Union Life Insurance Company Limited
श्री यूनियन लाइफ इन्स्योरेन्स कम्पनी लिमिटेड
13. Sun Nepal Life Insurance Company Limited
श्री सन नेपाल लाइफ इन्स्योरेन्स कम्पनी लिमिटेड
14. Reliance Life Insurance Limited
श्री रिलायन्स लाइफ इन्स्योरेन्स लिमिटेड
15. Reliable Nepal Life Insurance Limited
श्री रिलायबल नेपाल लाइफ इन्स्योरेन्स लिमिटेड
16. Union Life Insurance Company
Life Insurance Companies Of Nepal
Human life is full of risk. So, humans want to make insurance to get relief from such risk. Insurance is a way which provides security to the person and his property.
It is the shifting of the risk of insured to the insurer in consideration of a nominal cost called Premium. It provides financial protection against any specific risks. The insurance business is operated in Nepal as per the provision of Insurance act 2049.
Life insurance is the insurance made to protect from the financial crisis which may incur after the death and inability of person. It is a contract in which insured promises to pay a uniform rate of premium at the fixed interval against which the insurer agrees to pay the fixed amount on the happening of the event which may be the death of insured or the expiry of a certain number of years.
This contract can be described as ‘contingent contract’ because the loss of life cannot be compensated but only a specified amount of money is paid of insured dies. It also provides protection to the family of insured who dies early.
An individual can generate income from the amount of insurance at the time of inability as well it helps in managing the fund for the education and marriage of children and to establish the industries. It is assumed that life insurance comprises 80% of the total insurance business performed in the world.
- Insurance is made with the purpose of long-term saving which is known as endowment life insurance. This policy is issued for a fixed period of time i.e. 15 years, 20 years, 25 years, etc.
- Insurance is made with a plan to provide financial aid to the claimants of the insured after his death in lump sump known as whole life insurance. After the death of the insured, there is no need to pay the premium by the dependent of the insured.
- Insurance is made in the term that the amount of premium will be paid for a certain period to manage the amount for the education and marriage of children.
- It is short-term insurance made unless the loan is repaid. Premium is very much nominal.
In Nepal, many life insurance companies are opened and are in the way of opening as well. Today, we will provide you the full information about the life insurance companies of Nepal. In Nepal, there are altogether 15 life insurance companies which are;
American Life Insurance Company;
American Life Insurance Company is a recognized and well-established American insurance company. In Nepal, it has commenced its life insurance services from 5th December 2001 after the formal incorporation with insurance board.
It is the first foreign organization to receive a license to offer life and accident insurance in Nepal. The American insurance company has branches globally in over 50 countries. According to the report of 2012, This Company has over four hundred thousand customers in Nepal.
On November 2010, American Life Insurance Company became the part of Met life which is the leading innovator and a recognized leader in protection, planning and savings solutions all over the world.
The head office of the company is situated in Narayani complex 2nd and 3rd floor, Pulchowk, Lalitpur. It has 2 branches in Kathmandu and other branches in Butwal, Pokhara, Chitwan, Biratnagar, and Birtamod. 22 staffs are involved to provide reliable life insurance services to customers in Nepal.
2. Asian Life Insurance Company;
Asian Life Insurance Company is one of the well known and leading life insurance company of Nepal. On 27th February 2008, this life insurance company has got an operating license as per the insurance Act 2049. It has commenced the operations on April 3rd, 2008.
After 6 years in Nepalese life insurance business, Asian Life Insurance Company became the first life insurance company to receive the license for operation from Beema Samiti. The authorized capital of this insurance company is Rs. 1000 million. Out of which 521.29 million is paid currently up with 70% by the promoter and the remaining 30% by the general public).
There are 68 promoters of the company among 6 are institutional and the remaining 62 are individual promoters. Among the institutional promoters, there include reputed finance and development banks of Nepal. The major institutional promoters:
- Mahalaxmi Finance Limited,
- Birgunj H & B Development Bank Ltd,
- Kathmandu (Former Himchuli Bikash Bank Ltd and Birgunj Finance Limited)
- Malika Development Bank Limited,
- Dhangadi Guheshwori Merchant Bank and Finance Company Limited,
- Lalitpur Synergy Development Bank
- Butwal (Former Butwal Finance Ltd.)
The board of directors and other individual investors comprises of members who are
Leaders in other professions and business, i.e. banks, insurance companies, financial institutions, private enterprises, etc. and some of the investors are from reputed position holders of ex-government services.
More than 1% of populations of Nepal are the customers of this company with a sale of 313,468 policies within the first 2 years and 3 months of its operation. The company has a strong manifestation in its existing markets with more than 40,000 dedicated agents.
It has 23 branches and 67 sub-branches in places such as Kathmandu, Banepa, Narayanghat, Butwal, Dhangadi, Doti, Surkhet, Mahendranagar, Damak, Dharan, Biratnagar, Nepalgunj, Pokhara, Janakpur, Lahan, Hetauda, Balaji, and Tikapur.
3. Gurans Life Insurance Company;
The gurans life insurance company is the life insurance company established and registered under the insurance Act 2049 and company Act 2063 B.S. as a public limited company.
On 18th of Chaitra 2064, Gurans life insurance company receive the license to operate the life insurance business. This company is promoted by 19 promoters such as Sunrise bank limited, Dugar Group along with a group of diverse and renowned Industrialists, Businessmen and legal professionals. It is the only insurance company promoted by Legal professionals and commercial bank.
Its head office is situated in Tinkune, Kathmandu. The total authorized capital of Gurans life insurance company is 55 crore. Among which, te paid up and issued capital is Rs. 55 crore, 70% of capital has been holding by promoters and 30% has been allotted to the public through IPO.
The total shareholders of this company are more than 26,000. Also, the company made a reinsurance agreement with Scor Global Life Se, Singapore.
Members of the Board of directors are;
- Chairman; Mr. Vivek Dugar
- Director; Mr. Vishal Tatar, Mr. Shiva Bahadur Shrestha, Mr. Apachh Kumar Yadav, Mr. Rishi Kumar Gadiya, Mr. Megha Raj Poudel, Mr. Shambhu Prasad Subedi
National Life Insurance Company;
The National Life Insurance Company Limited is one of the nation- life insurance companies in Nepal which is registered under Beema Samiti Nepal (Insurance Board of Nepal). National Life Insurance Company was established in 2044 under the Nepal Company Act 1964 and the insurance Act 1968 of Nepal.
The head office of the company is situated in Lazimpat, Kathmandu. The objective of National Life Insurance Company Limited is to meet up growing insurance requirements of the country. National Life Insurance Company Ltd has 75 branches in all over Nepal.
This company is providing different types of life insurance facilities to customers with the involvement of hundreds of staffs and experienced professionals.
The shareholder structure comprises of;
- Nepalese Promoters 45%
- Foreign Collaborator 10%
- Financial Institution Rastriya Banijya Bank 10%
- Public Shareholders 35%
The services provided by Nepal Life insurance company are;
- Baideshik Rojgar Jeevan Beema
- Pension Plan
- Jeevan Amrit (Endowment cum whole life)
- The traditional whole life policy
- Saral Amrit (Term Insurance)
- Annuity Plan
- Kamal Amrit Plan (Term Policy)
- Traditional Term Plan
The members of the board of directors are;
- Chairperson; Mrs. Prema Rajya Laxmi Singh
- Director; Mr. Rajeev B. Shah, Mr. Dambar Bahadur Malla, Mr. Kuldeep Sharan Singh, Mr. Kiran Kumar Shrestha, Mr. Lila mani Neupane, Miss. Bhawani Rana
5. Rastriya Beema Sansthan Nepal;
Rastriya Beema Company Limited is a public limited company (RBCL) owned by the government which is formed under the decision of Government of Nepal. It is a separate general insurance business of Rastrya Beema Sansthan(RBS) by mobilizing internal resources of Nepal.
The company has been successfully providing returns as per the planned goals and objectives of Nepal Government in this tenure till the day. Also, the company is contributing revenue without modulating any additional liability on the government. The company has spread the skilled manpower in the insurance sector & has identified itself as an incredible insurance company.
- To utilize internal resources and capital for national development.
- To check millstone of expenses of foreign currency.
- To Minimize the risk of property damage through the insurance business
Also, this Corporation has been successfully providing returns as per the goals and objectives set forth by the Government of Nepal.
The members of the Board of directors are;
- Chairman; Kamal Kumar Shrestha
- Board Member; Shreelal Poudyal (Deputy Secretary, Ministry of finance)
- Board member; Mr. Shivaram Timilsina Chief Manager, NB Ltd
- Board member; Mr. Om Krishna Shrestha (Deputy Chief Officer, EPF)
- Board member; Dr. Balaram Pathak
- Board member; Bir Bikram Rayamajhi (CEO, RBCL)
- Board member; Mr. Krishna Mani Acharya (Company Secretary, RBCL)
Nepal Life Insurance Company Limited;
The Nepal Life Insurance Company Ltd is one of the authorized and foremost life insurance companies in Nepal which is registered under Beema Samiti Nepal (Insurance Board of Nepal) and company act. NLIC Nepal is a short form of Nepal Life insurance company.
Nepal Life Insurance Company was established under the Insurance Act 2049 and Company Act 2053. Nepal life insurance Company is the third life insurance Company of Nepal. On 2058/01/04, it commenced its operations with an authorized capital of Rs. 250 million as a joint stock company.
Out of Rs. 250 million, 200 million investments belong to promoters while remaining Rs. 50 million was collected by the issue of shares to the public. A group of well-known businesspersons and business houses of Nepal are the promoters of Nepal Life insurance company.
After the inauguration on 2058-1-21, this company is serving various life insurance facilities to its customers all over the country.
The Nepal life company has assured itself with well-known and reputed reinsurance company “Hannover Re Life Reinsurance Company”, Germany for conventional policies and “SCOR Global Life”, France for Term Assurance Foreign Expatriate policies.
In the company, there are altogether 48 administrative staffs working. The company has also extended several branches all over the country. The head office of Nepal Life Insurance Company Limited Nepal is located in Kathmandu.
Branches of this insurance company are Kathmandu branch, Mahendranagar branch, Dhangadi branch, Janakpur branch, Chandranighapur branch, Banepa branch, Birgunj branch, Balaju branch, Biratnagar branch, Lahan branch, Phidim branch, Naxal branch, Dharan branch, Rajbiraj sub-branch, Therathum sub-branch, Ilam sub-branch, Damak sub-branch, Lalitpur branch, Nuwakot branch, Bhaktapur sub-branch, Khadichour sub-branch, Narayanghat branch, Hetauda branch, Gorkha sub-branch, Kawasaki sub-branch, Lamjung sub-branch, Birtamod branch, Urlabari branch etc. The website of Nepal Life Insurance Company Limited Nepal is www.nepallife.com.np.
Prime Life Insurance Company;
Prime Life Insurance Company Limited is the leading insurance company in Nepal. It was initiated by Khetan Group and promoted by Nepal’s leading and highly prominent business groups having widely diversified business interests and expertise. In June 2007, the company was incorporated as a public limited company.
In the first full year of its operation, it has earned the net profit of Rs. 56.75 million which is the unprecedented achievement in Nepali life insurance industry. It has collected the premium amount of 8,45 million. The paid-up capital of the company is Rs. 500 million.
The promoters hold 70 percent of Share and 30 percent of shareholding is offered to the general public. Laxmi Bank Limited, one of the leading commercial banks in Nepal which is one of the major promoters with a 15 percent stake. Within one year of commencement of our business, the company planned to offer the equity shares to the general public.
It a been providing it’s innovative and excellent services with opening 105 networks of representations including Branches and Sub-branches all over the country. Prime Life Insurance Company is one of the fastest growing life insurance companies with increment in premium, quality of business, customer service and assurance of good returns.
Life Insurance Corporation (Nepal) Limited;
LIC Nepal is one of the largest capitalized insurance companies in Nepal. It is the joint venture of Life Insurance Corporation of India, Vishal Group of Nepal. It has been commenced its operation in January 2001 and was incorporated under the Companies Act 2053.
It is established with a paid-up capital of Rs. 25 crores. The life insurance company of India is an integral part of this company with an ownership of 55% in the company and the promoters, Vishal Group of Nepal holds 25% of shares and the Public of Nepal holds the share of 20%. The stock symbol of this insurance company in NEPSE is “LICN”.
This corporate office of this company is situated at Kathmandu Plazza, Kamladi Kathmandu. This insurance company is providing its reliable services through 33 branches scattered in different places such as Kathmandu, Biratnagar, Pokhara, Nepalgunj, Butwal, Birgunj, Janakpur, Dhangadi, Mahendranagar, Birtamode, Narayanghat, Lahan, Bhaktapur, Dang, Lalitpur, etc. 105 employees are involved in the company in order to serve the customers of all over Nepal.
The company is hoping to increase presence even in farther areas of the country keeping financial viability in mind. The Company has a total of 25,142 Agents across the nation for procuring New Business and extending after sales service.
The company has been able to show 68.46% growth in the first premium income, 33.9% growth in total life fund, 31.45% growth in investments and 38.98% growth in income from investments in the fiscal year 2068/69.
The members of the Board of Directors are;
- Chairman; Shri Vijay Kumar Sharma
- Managing Director; Mrs. Usha Sangwan, Mr. Ashok Agrawal
- Director; Mr. Kumar Keshar Bista, Mr. Kumar Kurkreja
Life Insurance Corporation (Nepal) Ltd. Provides various life insurance products and services which include acceptance of premiums, Policy loans, the revival of lapsed policies and nominations, issuing of policies, generating various quotations, etc.
It also offers various types of life insurance products such as endowment, children’s endowment, money back, and other plans. It is the insurance company to provide the bonus of Rs.71 per thousand per year for 20 years. In the financial year 2068/69, the company earned Rs. 770.29 millions the first income by selling 59098 policies and 68.46% growth in the first premium
income, 33.9% growth in total life fund, 31.45% growth in investments and 38.98% growth in income from investments The company showed the growth of 68.46% and 27.36%, in terms of the first premium collected and policies sold.
The Company has purchased a plot of 61 annas of land for its Corporate Office building at Babarmahal, Kathmandu as per Section 141 of the Companies Act, 2063. The Company is committed to constructing a landmark Corporate Building in the near future. Likewise, three cars have been purchased for the use of officers as per the scheme approved by the Board.
The achievements of LIC Nepal are;
- It is the insurance company to provide the bonus of Rs.71 per thousand per year for 20 years and this is the first company to attempt this decision.
- LIC Nepal Ltd. is the first Life Insurance Company in Nepal complying with Standards of ISO 9001:2008.
- It is the life insurance company to provide reliable services by connecting the branches through the internet.
- It is the insurance company to provide a more amount of bonus to its customers.
- It was awarded “Best Presented Accounts Awards, 2008” by Nepal Chartered Accountant company.
Surya Life Insurance;
Surya Life Insurance Company Ltd. Is the leading life insurance company in Nepal. On March 19th, 2008, it was registered under Company Act 2063 B.S and Insurance Act 2049 as a Public Limited Company as well License was issued to operate Life Insurance Business.
The head office of the company is situated in Sano Gaucharan, Kathmandu. The authorized capital of the company is NRs 200 crore. The Issued and Paid-up Capital of the company is NRs 62.5 crore. The promoters have contributed Rs. 43.75 crore which is 70% of capital whereas the other Nepalese Citizens Contributed Rs. 18.75 crore which is 30% of this capital.
The Company has done a reinsurance arrangement with SCOR Global Life Reinsurance Company of Paris (France). It has its several branches scattered all over the country.
The Members of the Board of Directors are;
- Chairman; Mr. Keshab Prasad Bhattarai
- Director; Mr. Vishal Agrawal, Mr. Hemanta Nahata, Mr. Binod Atreya, Shree Kriti Tibdewala Khetan
- Public Director; Mr. Suman Gautam
- Independent Director; Mr. Ganga Prasad Sharma
I.M.E Life Insurance company;
I.M.E life insurance company is the emerging, new life insurance company of Nepal. It commenced its operation from August 2017. In this year, other 10 life insurance companies are also commencing their operation. Among them, I.M.E Life Insurance Company is the first operating company. It has been registered and also received License for operation from Insurance Board of Nepal.
The paid-up capital of the company is Rs. 1 Arab 40 crore and the authorized capital is Rs. 3 Arab. The promoters of the company are I.M.E, Bhatbhateni, Hathway Investment, and Navraj Nepal. The co-operative office of this company is situated in the launcher, Kathmandu. The promoters have contributed 70% of the capital and the General public has contributed 30% of the capital.
The company has planned to serve the customers by opening 60 to 67 branches throughout the country in the span of 1 year. Also, the company is planning to open 7 branches inside the Kathmandu valley.
The Members of the board of directors are;
- Chairperson; Dr. Ramhari Aryal
- Directors; Mr. Deepak Sharma, Ashwini Aryal, Mr. Ishwor Karki and Mr. Deepchandra Regmi.
Jyoti Life Insurance Company;
Jyoti Life Insurance Company is the latest established insurance company in Nepal. It was established in 2017. The head office of the company is situated in Kathmandu. The Company has an authorized capital of Rs. 300 Crore. From the promoter group, Currently, Jyoti Life has raised up a paid-up capital of Rs. 154 Crore.
Jyoti Life shall be carrying out the raising of Rs. 66 crore from Initial Public Offering (IPO) thus making a total issued capital of Rs. 220 Crore. Jyoti Life insurance company is working hard to provide excellent services and planning to adopt technology and innovation in all avenues of its business which will reduce operational cost, improve efficiency and embed control mechanisms.
The innovating and good business plans ultimately create a business value which Jyoti Life can pass on to its policyholders and shareholders. The mission and strategies shall be formulated to maximize the returns to policyholders whilst adhering to regulatory requirements and laws at all times.
Jyoti Life is planning to spread its branches in order to make a strong presence in all states of Nepal through which will be reaching out to its clients. It has few branches which are in Barahisthan, Bhaktapur, Gongabu, Kathmandu and Pulchowk, Lalitpur.
Reliable Nepal Life Insurance Company;
Reliable Nepal Life Insurance company is the newly established life insurance company of Nepal. It is established in the year 2017. It is managed by the Professional management team. As well, it is promoted by a renowned business group of Nepal.
The head office of the company is situated in Kathmandu. It has 8 branches scattered in various places such as Kathmandu, Pokhara, Butwal, Birtamod, Narayanghat, Biratnagar, Dhangadi and Nepalgunj. Also, It has 24 sub-branches in Banepa, Manthali, Bhairahwa, Bardibas, Janakpur, Dharan, Lahan, Birgunj, Kawasoti, Tamghas, Chandrauta, Dang, Gulariya, Mahendranagar, Lamjung, Dhading, Damauli, Baglung, Ilam, Bhojpur, Surkhet, Khotang Diktel, Hetauda, and Udaipur Gaighat.
Sun Life Insurance Company;
Sun Life Insurance company is the newly established life insurance company of Nepal. It has commenced its operations from 2074/06/06. It is registered under the company act 2063. The corporate office is situated in Kamaladi, Kathmandu. It is planning to open the branches in different parts of Nepal. It is trying to use innovative ideas in order to provide the best services to its customers.
Sanima Life Insurance Company;
Sanima Life insurance company is the newly established life insurance company of Nepal. It was established in 2017. The head office is situated in Kathmandu. It is planning to open branches all over Nepal to flourish its services in Nepal.
Reliance Life Insurance company;
The reliance life insurance company is a life insurance company which is newly- established. It is promoted by an eminent business conglomerate of the county as well leading business and industrial house in Nepal including Siddhartha bank Ltd. which is a leading commercial Bank.
The company is spreading its services in all over Nepal through it’s few branches and in recent years, it is planning to open the new branches in different parts of the country.
Union Life Insurance Company;
Union Life Insurance Company is a newly established insurance company in Nepal. It is established in 2074.
Name List of Life Insurance Companies in Nepal
You are recommended to see also:
- Name List of Life Insurance Companies in Nepal
- 15 List of Life Insurance Companies in Nepal
- List of Non- Life Insurance Companies in Nepal
- Banking in Nepal: History of Banking System in Nepal
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