KATHMANDU, Sept 1: About 25 percent of the total population have access to insurance. Access to insurance increased by about two percent in the fiscal year 2020/21, reaching a quarter of the population. As of the previous fiscal year, access to insurance had reached 22.61 percent of the population. According to the Beema Samiti, it reached 24.76 percent of the total population by mid-July last year.
This is excluding term life insurance done for foreign employment. If it is combined with life insurance, the number of people taking insurance services will reach 27 percent of the total population, the Samiti said.
Nepal Insurance, IME General Insurance and Prudential Insurance...
The government has made it mandatory for those going for foreign employment to have a term life insurance. The family of a person who dies in the course of foreign employment is provided up to Rs 1.4 million as insurance.
Similarly, the Foreign Employment Board, apart from the insurance company, provides Rs 700,000 per person to the kin of those who die in the course of foreign employment. In order to get such a facility, one has to deposit Rs 1,500 and Rs 2,500 (depending on the period of labor sanction) in the welfare fund of the Board. Apart from the death, the board also provides financial assistance of up to Rs 700,000 to those who are injured, sick or maimed during foreign employment.
