Fiscal Nepal
First Business News Portal in English from Nepal
KATHMANDU: The Nepal Insurance Authority has directed all life insurance and micro-life insurance companies to mandatorily include first-year premium, renewal premium, and term-life premium while setting their business targets for the upcoming fiscal year 2082/83.
According to the circular issued by the Authority, these three types of premiums must be included in the monthly, quarterly, half-yearly, and annual targets set for employees, branch offices, sub-branches, regional offices, and departments.
The directive aims to address problems arising from setting targets based only on single or endowment premiums. The Authority stated that focusing solely on collecting large premiums has limited insurance access for low-income groups and led to early policy lapses and surrenders.
The new policy is expected to ensure quality and reliable insurance services and expand insurance access across all income groups.
Your email address will not be published. Required fields are marked *
Comment *
Name *
Email *
Website
Save my name, email, and website in this browser for the next time I comment.
