Kathmandu. Imagine, for some reason, you are going abroad for a few years. Or suppose you have to stay outside Nepal for 2-4 years in connection with foreign employment. During this period, your life insurance policy is also maturing.
It will take at least 4 years for you to return from abroad, but the insurance policy you bought years ago will mature next year. In such a situation, after 4 years, will you return home and get an insurance claim from the insurance company or take the payment in advance in the name of someone in the family?
Even if you are a few years late to return, you do not have to wait until you return home to receive the payment of the amount that has matured for life insurance. For this, you have two options, one is to ask for the claim payment in your bank account in Nepal after the insurance policy matures. The second option is to transfer the right of the insurance policy to any member of the family before going abroad. You can also transfer the right to the insurance policy for the purpose of repaying the loan of the bank financial institution.
Now know how to ask for the claim payment in your own account. In order to get the insurance claim amount payment in your own bank account while you are abroad, first of all, you have to update the Personal Identification Details (KYC), for this, you can request the KYC update by writing to the branch office of the concerned insurer through email. After updating the KYC, you should request to deposit the claim payment amount in your bank account through a family member. You can email the insurer directly for such a request. Also, you can also send a handwritten application to any family member via email and register the application at the insurer’s office. To get the payment of the insurance claim amount, the original insurance policy should be submitted to the branch office of the insurer.
The second way is to transfer the right to the insurance policy. You can transfer the right to the insurance policy in the name of any member of your family. For this, you have to submit a written application along with the national identity card or citizenship certificate of yourself and the person who is going to transfer it to the concerned branch office of the insurer. In the application, you should explain the reason for the transfer of the right.
Rule 22 of the Insurance Regulations provides for the transfer of the right to the insurance policy. Sub-rule (1) of Section 63 of the Act provides that the insured can transfer the title to any other person or institution in whole or in part in the event of the death of the insured at the time of maturity of the policy or before the maturity of the policy.
Similarly, sub-rule (2) includes a provision that the insured should make a request to the insurer with the proper reason for the transfer before transferring the right to the insurance policy pursuant to sub-rule (1) and if such reason is found appropriate, the insurer shall transfer the right to the insurance policy as demanded by such insured. Also, the transfer of the right of the insurance policy can be done at any time within the period of the insurance policy so the insurance policy should remain in force.
As per the Regulation, the policy should be transferred free of cost by the insurer up to ninety days from the date of transfer or sale of the ownership of the property, except for life insurance, and if the name is not transferred within that period, such insurance policy is deemed to be inoperative.
