Kathmandu: The life insurance companies are found uninterested in the sales micro life insurance policies. Out of the 19 life insurance companies, only 2 companies have sold large numbers of micro life insurance policies while others remain almost silent.
As per the data published by the Insurance Board, life insurance companies have sold 152 thousand micro insurance policies during the Q1 of current fiscal year 2078/79. The premium income is Rs. 102.3 million from this policy. Met Life (Alico) and LIC Nepal dominate the sales of micro insurance policies.
In the first quarter of the current fiscal year, insurance companies have earned Rs. 20.82 billion through endowment life insurance policies. The number of policies is 12 thousand. Similarly, they have earned Rs 2.2 billion through whole-life insurance policy.
They have earned Rs. 7.76 billion through money-back endowment life insurance plans. The total number of money-back plan sold is 21 thousand. The money-back plans have the poorest bonus rate in the industry.
The insurers have earned Rs. 4.49 billion in insurance premiums from the converted endowment life insurance plan. During the Q1, the total number of term life insurance plan is 1.377 million. The total premium income from the sales of term plan is Rs. 1.11 billion in Q1.