Until about two years ago, insurance companies in India used to collect as much as Rs 30 million a year as insurance premium from Nepalgunj and surrounding areas. [break]
Surendra Bahadur Shah of National Life Insurance Company (NLIC) said the number of Nepalis buying policies from Indian insurance companies was increasing because of the increasing presence of Nepali insurance companies and the activities of their agents.
“Agents hired by Nepali insurance companies have become successful in making people aware of the drawbacks of buying policies of Indian insurance companies. This is helping prevent transfer of insurance premium beyond national boundary,” he added.
Nepali companies are seeing their premium collection grow at an impressive rate in the last few years.
NLIC collected Rs 60 million as premium this year, up from Rs 50 million that it had collected last year. It also said about 2,000 people had brought its insurance policy this year. The company has issued about 16,000 policies to people living in and around Nepalgunj.
Apart from NLIC, other companies like Rastriya Beema Sansthan, Asian Life Insurance Company and Nepal Life Insurance Company are also doing a good business in Nepalgunj. Other companies are also in the process of establishing their branches in this mid-western hub.
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