Everything You Need To Know About Nepal Life Insurance Company (NLIC) Nepal
Find here information, facts, description of Nepal Life Insurance Company (NLIC) Limited Nepal. This post is about the profile of Nepal Life Insurance Company Ltd.
The Nepal Life Insurance Company Ltd is one of the registered, authorized life insurance companies in Nepal under Beema Samiti Nepal (Insurance Board of Nepal) and company act. Nepal Life is one of the life insurance companies in Nepal. NLIC Nepal is a short form of Nepal Life Insurance Company Limited Nepal.
Nepal life was established under the Company Act 2053 and Insurance Act 2049. Nepal life insurance Company limited is the third life insurance Company of Nepal. It was established with an authorized capital of Rs. 250 million on 2058-1-4 as a joint stock company.
It is the first insurance company that meets the capital requirement set by Beema Samiti. This company is founded in Baishak 4, 2058 BS by a group of outstanding and dynamic personalities from the Nepalese private sector and is registered under the Company Registry on 2055/10/18 with registration number 700/2055/056 under the Companies Law. , 2053, is registered with the Inland Revenue Office on 2057/3/16 with the Permanent account Number 5000634333 under the Income Tax Act of 2058, Nepal Life Insurance Company has earned a prominent position since its establishment.
Nepal Life is the leading life insurance company established by private investors. The promoters of the company are a group of well-known businessmen and companies from Nepal. Within the sixteen years of operation, the Company has established an excellent business record and has a solid financial position.
The company has successfully presented a variety of products, each with its own benefits in front of customers to choose from. The vigilant administration is committed to excellence in every step it takes to improve. The main concern is the application of the best technology and intelligence with a human touch to proactively manage risk and challenges.
The company strives to achieve maximum customer satisfaction, considering that the only way to benefit from the customer-agent relationship is through their satisfaction.
Today, Nepal Life Insurance has one of the highest bonus rates among the life insurance sector. They conduct their business only in the Democratic Federal Republic of Nepal. The company now has more than 430 well-trained employees and more than 110,612 agents who work hard and serve through 135 branches and branches throughout the country ensuring millions of lives.
All branches are integrated through a centralized software that makes it appropriate for customers to take full advantage of modern services, such as “Any branch service”. The website is built in an easy way to use, which is constantly updated and customers can learn more about the company’s new products and services.
The company’s commitment to serving shareholders have included the adoption of policies and procedures to ensure high standards of corporate governance.
The company has an authorized capital of Rs. 500 million rupees and paid capital of Rs.309.64 crore. As in Asad 2074, the company has secured 8,27,366 under conventional policies for a value of Rs.19,527 Crore and 14,24,026 foreign expatriate policies for a value of Rs.82,483 Crore.
The company has invested Rs. 4,750 crore according to the guidelines of Bima Samiti out of the total premium collected. The company has secured the well-known reinsurance company “Hannover Re Life Reinsurance Company”, Germany.
Among the paid-in capital of Rs.439.69 crore, the promoters own 70%, while the remaining 30% has been issued to the public. There are approximately 154,431 shareholders, of which, the shareholders own more than 1% of shares.
In the 19th year of operations, they have grown their business enormously; The wise investment and the huge life fund is the strongest assets. The diversified investment of Rs. 58.95 billion have made it possible to earn an income of Rs. 5.27 trillion effective annual yields of 10.23%.
Measurement capacity to meet all of the financial obligations with respect to an insurance contract is the solvency ratio of 3.13 times at the close of the 32nd Ashad year, 2075, which is more than 300% of the legal requirement of 1.
The promoters of Nepal life are a group of well-known businesspersons and business houses of Nepal. After the inauguration on 2058-1-21, this company is providing various life insurance facilities all over the country.
The Nepal life company has insured itself with well-known reinsurance company “Hannover Re Life Reinsurance Company”, Germany for conventional policies and “SCOR Global Life”, France for Term Assurance Foreign Expatriate policies.
VISION AND MISSION
Strive through the noble Life Insurance institution to make every family financially secure and protected, so that every citizen of Nepal can contribute their power to build a healthy, prosperous, strong and vibrant nation.
To meet the financial and social needs of each segment of society through the design of differentiated and innovative insurance instruments. Provide after-sales service to customers that can be considered as the best.
HOW NEPAL LIFE IS DIFFERENT FROM OTHERS?
By being in the business of selling life insurance products, it is doing the same job as the other insurers that deal with “Life Insurance”. However, Nepal Life Insurance Company has its own identity because of the mission, and the way it works.
The company is working with a limited time strategy to fulfill its vision of spreading the message of insurance to each home and contributing substantially to make Nepal an economically healthy and vibrant nation. In addition, to expand the branch network throughout Nepal, the company plans to make a huge leap in the number of agents and provide them with adequate training to provide knowledge and skills, so that the company can reach and deepen the market.
The company is focusing on providing qualitative International Standard services. Its ambition is to provide counter service in all of its operations.
This ambition cannot be fulfilled without the help of information technologies. The company has a strong IT infrastructure. All Nepal Life branches have connected through wide area networks to provide a better service to customers.
The company has been a symbolic organization in the life insurance industry, special efforts are being made to detect, recruit and train new agents not only in the academic part of the insurance but also in the marketing and service of insurance.
For this purpose, the training sessions are held at the door steps of agents, that is, the ‘Branch’ and the ‘Subdivision’ to which they are linked. Concentrated attempts are being made to improve the knowledge so that they become assets and future leaders of the market since only from them will come the personal marketing future.
The results achieved so far give us the assurance that the company is on a solid and sound foundation.
The company has the best qualified and trained sales force working throughout the country, which facilitates access to insurance facilities to all the clients. Until the end of the year 2075, they have more than 110,612 professional, and loyal agents who work hard for the company, which allows reaching the goal of being the best in the market.
Personnel, underwriting, office services, and accounting standards, work systems, procedures, etc. have been prepared/devised and put into operation. Even, the policy servicing formats and rules have been prepared and will be used in later years.
About 150 formats and forms required for the operation of an insurance office and the service of policies, agents, etc. have been prepared.
A series of jobs such as the issuance of acceptance letters, premium receipts and policy vouchers and preparation of adjustment books, commission invoices, granting of loans, delivery of policies have been taken on a computer. Business data are also being generated on the computer. The software is the backbone of the insurance company and Nepal Life which is completely automated.
They have been able to maintain a fairly good performance level in the service to the clients, which can be seen in the following performance indicators, such as Proposal Registration, Acceptance Letter Issuance, FRP Issuance, underwriting, Issuance of Policy Bonds and Billing of the Commission.
During the review period, the Company has 135 offices in operation, of which 6 are regional offices. In order to provide customers with the best insurance services, provisions have been established to provide services that include the payment of premiums from all branches of the company.
To convert the slogan “Life insurance for all because life is precious” into reality, the emphasis has been given to the empowerment of offices of branches with the aim of expanding services to every household.
HUMAN RESOURCES DEVELOPMENT
Nepal Life has a sufficient number of skilled labor. To strengthen the marketing force, special efforts have been made to provide theoretical and practical training to staff and agents, by internal professors and external institutions.
Agents: Provides regular training to the agents in order to develop professionalism in them. Also, organize educational and motivational meetings with star performer agents and meetings organized for consumers.
Staff: Newly recruited staff members receive theoretical and practical training on insurance principles and practices. At the same time, most of them are rotated from one seat to another, to give them practical exposure to various activities of the company.
Consumer meeting: The consumer meeting of policyholders is organized in different centers to inform them about the latest trends in insurance, the various products that the company has launched and the services provided.
Insurance agents have been an integral part of marketing life insurance products. In the review period, the company has a total of 110,612 trained agents. The company has endeavored to increase the number of active agents and, at the same time, help improve their professional competence and productivity.
The company has played a fundamental role in helping agents to establish themselves in society and make this profession respectful. The important achievements made through the good mutual relations between the insured, the insurance agents and the employees will be further expanded and developed in the coming days.
PAYMENT OF CLAIMS
In fiscal year 074/75, the company made a total payment of Rs.467 million rupees against 974 death claims. In the same way, the company has made a total payment of 5.42 billion rupees against all claims, including payment of death claims, payment of due dates, survival, and delivery. The Company has prioritized death claim payments and is committed to providing a door-to-door service for the settlement of the death claim.
In the fiscal year 2073/74, the Company paid a total of 1,696.21 million rupees as advance payment of taxes to the Government of Nepal, including the anticipated payment of taxes for its employees and agents for a value of 366.41 million and a deduction of anticipated taxes valued at 1,174.69 million rupees by Other organizations on behalf of the Company.
OPERATION OF COMMERCIAL BUILDING
The commercial building of the Company located in Kamalpokhari has established itself as one of the main destinations for entertainment and shopping centers for the general public. The modernization and the grandeur of the structure have contributed significantly to the goodwill and promotion of the Company. In the F.Y. 2074/75, a total of Rs. 70.1 million have been realized as income from the rent of the building and other sources.
To improve the quality of service through information technology, the company has emphasized the development and expansion of information technology. In the course of the expansion of the quality service, the premium payment process was introduced online from your home or office.
Currently, all of the company’s branches operate through a web-based application. Customers can obtain all information about insurance policies through the website and mobile applications and have taken steps to send important messages through SMS. The company is regularly conducting its Information Systems Audit.
Nepal Insurance has been awarded the “Best Managed Life Insurance Company” award by Newbiz Business Awards in the years 2013, 2014, 2016 and 2017.
The company won the “Karobar Excellence 2018 Award” for Best Insurance (Life) organized by Karobar National Daily.
BOARD OF DIRECTORS
SIR. GOVIND LAL SANGHAI | PRESIDENT
Mr. Govind Lal Sanghai is the President of the company. He is the renowned business personality of Nepal. It is associated with the renowned group of companies “Triveni Group”, which is Nepal’s leading industrial and business group that participates in the diversified field of manufacturing, commerce, and the service sector. He has also served the company as Managing Director and has contributed significantly to the development of the insurance sector in Nepal.
SIR. RAM AWATAR AGRAWAL | DIRECTOR
Mr. Agrawal represents the Board of the Promoter Group. He is an engineer by profession. Before retiring from the Government of Nepal, he held the position of Project Manager in the number of Irrigation Projects in Nepal. He participates in various commercial activities and is also actively associated with several social service organizations in the country.
SIR. AGRAWAL DE KAMLESH KUMAR | INDEPENDENT DIRECTOR
Mr. Agrawal represents the Board as an Independent Director. He is the Vice President of the Chamber of Commerce of Nepal, which contributes to the development of private sectors and improves trade and competitiveness of the Nepalese economy. He represents several commercial entities such as Robin Foaming and Paper Products P. Ltd., Roaming Polymers P. Ltd. He had also been a public director at Rastriya Beema Sansthan and had served Kathmandu Upatyaka Khannepani Ltd. as an independent director.
SIR. AGARWAL VIVEK | DIRECTOR
Mr. Agarwal represents the Board of Directors of the Promoter Group. He is the General Director of United Distributors Nepal. He is involved in various areas related to trade and commerce.
SIR. PRAKASH MUNDARA | DIRECTOR
Mr. Mundara represents the Board as a public director. He is general secretary of the Association of Merchants of Morang and Vice President of the Association of Jute Mills of Nepal. He is involved in various areas of the commercial and industrial sectors.
SIR. BIMAL PRESS OF DHAKAL | DIRECTOR
Mr. Dhakal represents the Board of Directors of the Public Group. He is a legal professional and one of the renowned lawyers in the sector.
MRS. PARUL DHAKAL | DIRECTOR
Ms. Dhakal represents the Board of the Promoter Group. She is a human resources consultant and works as a general manager in one of the main professional development organizations.
There is a total of 4 dozens of administrative staffs in the company. This company has extended several branches all over the country.
Nepal Life insurance company Branches
Central development region
Kathmandu branch; Heritage Plaza, Kamaladi, Tahachal, Kathmandu,
Bhaktapur branch; Gathaghar-15, Bhaktapur
Banepa branch; Banepa (InFront of Telecom), Kavre
lalitpur branch; Jawalakhel Chowk-4, Lalitpur
Nuwakot branch; Bidur-3, Butar, Nuwakot
Balaju branch; Machapokharai, Balaju
New Baneshwor branch; New Baneshwor Chowk, Kathmandu
Biratnagar Branch; Bijuli Office Chowk (Near Satyanarayan Vidalaya), Biratnagar
Birtamod Branch; Sanishchar Road, Birtamod, Jhapa
Urlabari Branch; Madhu-Malla Road, Urlabari-3, Morang
Phidim Branch; NagarMukh-1, Lakhan-Marg, Panchthar
Rajbiraj Branch; Rajbiraj Ward No.4, Rajbiraj
Dharan Branch; Bhanuchowk, Mahendra Path, Dharan
Hetauda Branch; Ajar Amar-4, Hetauda
Birgunj Branch; Maisthan Chowk, Birgunj, Parsa
Lahan Branch; Marwadi Tole, Lahan-7, Siraha
Janakpur Branch; Sharma Bhawan, Bhanu Choke, Janakpur, Dhanusha
Bhairahawa Branch; Sidhartha Municipality-7, Bhairahawa
Butwal Branch; Traffic Choke, Butwal-8, Rupendehi
Dang Branch; Sabji Mandi, Ghorahi
Palpa Branch; Tansen, Na.Pa.-4, Silkhan Tole, Palpa
Narayanghat Branch; Lion’s Chowk, Narayanghat, Chitwan
Pokhara Branch; NewRoad, Pokhara-9, Kaski
Far western region
Mahendranagar Branch; Mahendranagar-4, Kanchanpur
Dhangadi Branch; Dhangadi-4, Kailali
Nepalgunj Branch; Surkhet Road, Nepalgunj-13, Banke
Surkhet Branch; BirendraNagar-6, Surkhet
Tikapur Branch; Tikapur, Na.Pa. Ward no 9, Tikapur
With the aim of expanding the insurance business and providing a better service to customers, the company has established 29 new branches and branches.
The Nepal Life Insurance Company Limited Nepal ‘s website is www.nepallife.com.np
MAIN FINANCIAL AND BUSINESS STATUS:
In recent years, the company has been celebrating each fiscal year as a special strategic year. In the same order, fiscal year 074/75 was declared as “Rhino Year” and the strategies were implemented accordingly.