FAQs
The License of Agents should be renewed on every Chaitra month of the year.
● Copy of citizenship ● Minimum SLC/SEE or equivalent pass mark sheet. ● Character certificate. ● All above document must be notarized. ● Two copies of passport size photograph. ● License fee Rs. 500/-
There are two types of agents in life insurance i.e. individual agents and corporate agents.
Policy Holders can pay their Premium in Branch, Sub Branch of the company and online also.
● Letter requesting for institutional agency
● Letter of no financial interest.
● Letter certifying that the director is still in BOD.
● SLC/SEE pass marksheet, SLC/SEE pass character certificate, Nepali citizenship certificate, and two copies of passport size photo, of present board member who will participate in the training.
● PAN Certificate of organization.
● Company registration certificate.
● Memorandum of Association (MOA) & Article of Association (AOA) should contain provision or corporate agency under its Objective / Function heading.
Premiums can be deposited either directly by cash, online transaction or in various bank accounts provided by the company.
If policy bond lost due to some reason one must immediately apply for duplicate copy. However necessary official procedure has to be completed and some official charge has to be paid.
No, sum assured of a policy could not be added or deducted.
Policy once purchased can not be changed. However some clauses like mode of premium payment, nominees are changeable.
Endowment, Anticipated, Anticipated cum Whole Life, Micro Insurance and Term Life etc
Term/Period of a policy cannot not be changed.
Usually five years. However, it may differ by policy purchased.
Yes loan can be received to the extent of certain limit of premium paid but only after three years and one must had paid at least three years annual premium.
A policy terminated and is no longer in force due to nonpayment of premium due.
Termination of a policy upon the failure of policyholder to pay the premium with in grace period.
A sum assured is a fixed amount that is paid to the nominee of the plan in the unfortunate event of the policyholder’s demise. The insurance company pays this money as per the sum chosen by proposer at the time of purchasing the policy.
Bonus is the amount added to the basic sum assured under a with profit life insurance policy. It is paid in the event of death of policy holder or maturity of policy, whichever occurs first.
Paid up value is the reduced amount of sum assured paid by the insurer in case of the discontinuation of the payment of premium after paying the full premium for the first two years.
