Nepal Life Insurance

Role of Insurance in Calamity

प्रकाशित मिति: ३० कार्तिक २०७४, बिहीबार ११:०४

सागर चन्द


Nov-16, Kathmandu/

It is difficult to know when the calamity comity comes. There are many instances which we have seen, where a lot of people lose their life or have to suffer the physical discomfort. Some of the calamities are flood, landslide, fire and earthquake. Even the psychological disorder is seen in the victim due to the loss of billions of property. When the loss of tangible as well as the intangible property will make one insane, is also impossible to predict. Who knows, when a millionaire will turn bankrupt? Two years ago the great earthquake also gave us all the lesson to leave in social harmony and tolerance. How the victim can be helped in the case of calamity or trouble was also shown by the recent flooding of Terai. For these calamities, although the immediate support seems to be effective they can turn a victim totally helpless, unable to reestablish his own position. What might be the situation of those, who lose not only the shelter, fields but also the family members? What might be the future of those children who turned orphan at an early age? These type of questions often haunt the mind of most of us. If any support from institutions comes then the condition might get some support but what if they don’t? How to live life? Where to go? What to do? Where to find shelter?

There is only one answer to these questions, ‘Insurance’. Insurance is the only support of life. After fulfilling all the steps of the policy, the claim can easily be received. No need to wait for others support. The insurance program is for all types of risks, probable to cause loss or damage. Either it is life insurance or general insurance, after being involved in these sorts of insurance plans, the economic security from all types of loss or risks can be obtained. It secures own investment and family’s future too.

            “Being established according to a government’s enactment, operated under the supervision of regulatory body as well as having reinsurance with the foreign great insurance companies, Insurance Company cannot take away someone’s money. These companies are official, reliable as well as assuring type.”

What is insurance?

Insurance is the assuredness to indemnify or compensate for the economic loss. While doing the insurance, there is a written contract between the one, desirous to take the insurance (insured) and the one who ensures the insured (insurer). On the basis of such contract, the insurance company compensates for the insured loss. The probability of physical as well as the economic loss is same on each of our head. What will happen to someone is totally undeterminable. Therefore, to minimize the probable future loss and to transfer own risk on someone else’s part, the legal policy or contract with the insurance company is insurance. Being established according to a government’s enactment, operated under the supervision of regulatory body as well as having reinsurance with the foreign great insurance companies, Insurance Company cannot take away someone’s money. These companies are official, reliable as well as assuring type. Insurance is taken as a contract to transfer own risk to other for some monetary consideration. Insurance is again classified as life insurance, general insurance and reinsurance.

Life insurance: It is a long-term contract where, for the payment of the specified sum of the premium on regular instalment, at last payment with bonus is made to the insured. If the insured dies prior to the maturity or the term of the policy, as per the contract, the insured family is paid the policy amount with the policy amount. This is the rule of insurance. In addition to carrying the risk of insured, life insurance even carries the burden of the family members of the insured. The insurance board (Regulating body of insurance) defines the term life insurance as a contract related transaction in which based on an individual’s age (insured), for the regular payment of instalment, the aggregate amount is paid to the individual or his right holder, in case of death of insured.  So, at any time in life, we can be affected by any sort of contingency, and to provide us economic security against such contingency, insurance is really helpful.

General insurance: This is the insurance, for compensating us from the loss or dame of property. Here, the insured company or an individual, after doing the insurance becomes free from the risk related to the loss of property. This type of insurance policy is for the security of movable or immovable properties, acquired by an individual. So for gaining compensation for the loss of property like house, industry, and vehicle or similar to them, the general policy is taken. To claim the compensation for the loss due to accident, fire, theft or earthquakes well as to get relief the general life insurance is taken. In recent years, the government has introduced the agricultural insurance. Under this, the commercial agriculture and animal husbandry is taken.  Seeing the risk in the physical property, crops as well as in business, the insurance sector is being expanded. In this way, after doing insurance, by paying a specified sum for the protection of entire property, this sort of insurance is very important.

            Insurance is a fraudulent business, wrong understanding of the parliament members themselves.

Reinsurance: the insurance of the insurance company is reinsurance. For, the insurance company has to carry the risk of all the insured, the way of transferring by means of a company to another insurance company is reinsurance. Till now, Nepal Punarbeema, namely only one reinsurance company is operating.

Wrong understanding of Insurance

It has been decades since the insurance business has started in Nepal, but still, the insurance market has not been able to expand. Companies are themselves responsible for it. For a long time, it has been city-centred. The insurance company failed to give their service in the rural area.  Even in a city, a company doesn’t seem to be able to make general people understand, what is insurance. That’s the reason the paid-up capital of the company remained within the figure of million.  This has been resulting a negative image of the insurance sector in the market.

Few days only, in the parliament, the members were pouring their dissatisfaction by saying, “this insurance market is just a fraudulent business”. If the understanding about insurance of the people in an honourable position is like this then what might be the understanding of the commoners’.In the commoners, the awareness about the insurance seems to be insufficient. How can the commoners be made aware of the insurance market should be a prior motto of the regulatory body and insurance companies?






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