Life Insurance Claim up by 67 percent, Rs. 35.45 billion paid in a year

Kathmandu. Claims payments of life insurance companies have increased by 67 percent. The life insurance industry has paid a total claim of Rs. 35.45 billion during last financial year.

According to the unaudited financial statements of the fourth quarter of the last fiscal year 2077/78 published by 18 other life insurers besides Rastriya Bima Sansthan, this figure includes the amount of partial payment, survival benefits, maturity payment, surrender and death claim.

Out of this, the insured have received total claim of Rs 9.71 billion from Nepal Life in the last FY. Nepal Life’s claim payments have increased by 45.60 percent. Previous FY in 76/77, Nepal Life had paid a total claim of Rs 6.67 billion to the insured.

LIC Nepal, which has paid the second highest in total claim, has paid Rs.7.49 billion. In the previous FY, LIC Nepal had paid a total of Rs. 3.76 billion. Its claim payment has increased by 99.28 percent.

The insured have received Rs. 4.12 billion from National Life Insurance, which has paid the third highest in total claim. In the previous FY, National Life had paid Rs. 2.85 billion to the insured. Its claim payments have increased by 44.12 percent.

Met Life, which is in the fourth place in terms of total claim payment, has paid Rs. 3.61 billion in FY77/78.There was an increase of 42.59 percent. Rs. 2.53 billion claim paid in the previous FY.

Asian Life Insurance ranks fifth in terms of total claim payments. It has paid claims of Rs. 2.95 billion. The claim of Asian Life, which paid Rs. 1.93 billion in the previous fiscal year, has increased by 52 percent.

Of the 18 life insurance companies included here, Prabhu Life Insurance is the company that has paid the least amount of claims. Prabhu Life’s insurer has disbursed claim of Rs. 89.8 million in the last FY. In the previous FY, Prabhu Life had paid a total of Rs. 8.413 million to the insured.

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