Life Insurance in Nepal
There are 9 life insurance companies in Nepal till now the date of 2010. Among them 8 company are from private sector and only one company is from the government sector. Most of the companies are focusing their business in the city area. But, these days companies are also enhancing there business in the rural area because of high competition in urban area.
These below are the name of Life Insurance Company of Nepal. Which providing the service from Urban to Rural area.
- Nepal Life Insurance Company
- Gurance Life Insurance
- Bima Sansthan (government company)
- Prime Life Insurance Company
- Surya Life Insurance Company
- American Life Insurance Company
- Asian Life Insurance Company
- Life Insurance Corporation
- National life Insurance
From above list Gurans Life Insurance company is very good company in Nepal for the people to be insured. Its premium is very low in the comparison of other company.
Market of the life insurance company in Nepal
There are lots of possibilities to enhance the business of life insurance in Nepal. In total only the 5% of people are insured. Still 95% of people are uninsured. Even the large numbers of people who live in Kathmandu are also not insured. However, they have known the importance of life insurance.
Main challenges to enhance the business for Life Insurance company in Nepal
The main challenge is to make aware the people about importance of life insurance. Why people should be insured? The insurance company must go to rural area but still they are focusing the cities. Another challenge in the current situation to make able to people to find out the differences between the networking company and Life Insurance Company. In the market, people fell same as network marketing to the life insurance company. People must know that life insurance company and networking company is totally different from each other. Life Insurance Company is totally fair and it is always monitored by the Government Authorized Institution. And all life Insurance Company has to deposit 250 million rupees and then they get permission to start their business