Reliable Nepal, NCHL sign agreement for payment processing

Published On: June 11, 2019 08:18 AM NPT By: Republica | @RepublicaNepal

KATHMANDU, June 11: Reliable Nepal Life Insurance Ltd has said that it has become the first life insurance company in the country to automate its various payment-related process, including disbursements and collections, through payment system of Nepal Clearing House Ltd (NCHL).

"After the system comes into operation, policyholders of Reliable Nepal Life Insurance will be able to pay premium online through connect IPS e-Payment or any of the 5,000 plus bank branches across the country," the life insurer said in issuing a statement on Monday. "All such transactions will be processed directly through bank accounts of the insurance company and the beneficiaries."

The new payment system will enable the insurance company to process disbursements like agent commission, salary payment, vendor payments and investment placements. Narayan Babu Lohani, CEO of Reliable Nepal Life Insurance, and Neelesh Man Singh Pradhan, CEO of NCHL, signed the agreement on behalf of their respective institutions, according to the statement.