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
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