Nepal Life launches “Rakshya Kawach” insurance plan

KATHMANDU: Nepal Life Insurance Company, a trusted name in life insurance, has unveiled the “Nepal Life Rakshya Kawach” insurance plan.

The initiative aims to provide maximum financial security at a minimal premium, catering to the needs of individuals and families.

The plan, launched during a special event on Jan 2, in Kathmandu, was introduced by CEO Pravin Raman Parajuli.

Highlighting its unique features, Parajuli described it as a term insurance plan (non-participatory) that ensures financial stability for families during unfortunate events.

Key Features of Rakshya Kawach

• Sum Assured: Minimum of Rs 500,000 and up to Rs 10,000,000.
• Eligibility: Applicants aged 18 to 59 years.
• Policy Term: Ranges from 1 to 35 years, with a maximum maturity age of 60 years.
• Optional Riders: Additional benefits like Accidental Death Benefit (ADB), Accidental Death/Total and Permanent
• Disability/Premium Waiver Benefit (ADB/PTD/PWB) available for terms between 5 to 35 years.
• Payout: The assured amount will be paid in case of the policyholder’s demise during the policy term, leading to the termination of the policy.

CEO’s Vision

Speaking at the event, CEO Parajuli expressed his delight in launching the plan and emphasized the importance of having life insurance equivalent to 15 times an individual’s annual income.

He noted that the Raksha Kawach plan prioritizes risk coverage, enabling policyholders to obtain substantial protection with minimal investment.

“This product can be integrated into primary policies, offering significant risk coverage at a small cost. It is a milestone for the insurance industry and a practical, market-friendly solution,” Parajuli remarked, urging agents to promote the plan enthusiastically.

Additional Insights

National Sales Head Umapati Pokharel highlighted the plan’s flexibility, stating it can be availed either as a standalone policy or as an add-on to six other plans.

He encouraged stakeholders to leverage the benefits of this plan while commending the regulatory authority, Nepal Insurance Authority, and Actuary Department for their support in bringing the product to fruition.

Deputy CEO Amit Kumar Kayal described the plan as a pivotal step in expanding the insurance landscape, ensuring accessibility for individuals across various income levels. “Nepal Life is committed to providing comprehensive coverage at affordable premiums. This plan reflects our vision to diversify offerings and stabilize our company’s long-term objectives,” Kayal added.

Training and Promotion

Rojesh Basnet, Head of the Training Department, delivered a detailed presentation on the plan’s features and supplementary contracts. He explained the benefits of integrating Raksha Kavach with other savings and life insurance policies, showcasing practical examples to enhance understanding.

Nepal Life’s Raksha Kavach Insurance Plan stands as a progressive initiative designed to cater to the modern financial needs of Nepalese families while reinforcing the company’s commitment to safeguarding lives with innovative solutions.