SuryaJyoti Life unveils digital card & e-loan

KATHMANDU: The Chief Executive Officer of SuryaJyoti Life Insurance, Prakash Bikram Khatri, elaborated on the benefits, criteria, and procedures for utilizing the SuryaJyoti Cares digital card and e-loan services.

He emphasized the company’s commitment to continuously incorporating the latest technologies to enhance and refine its services.

Khatri reiterated that the company prioritizes claims processing, and its operations are always focused on customer benefit and service.

Since its inception, SuryaJyoti Life Insurance has been dedicated to providing services to its customers through the use of innovative technologies. To further simplify and streamline the process of providing loans to policyholders, the company introduced an e-loan service that allows for the seamless online application of loans against life insurance policies.

According to the conditions and benefits of the insurance policy, loans are available after three years of policy issuance and three years of premium payments. After three years, the policyholder can borrow up to 90% of the accumulated cash value of the policy.

Under the current loan application procedure, policyholders were required to visit a branch office, fill out necessary forms, and submit required documents.

Within one or two days, the loan amount would be deposited into the policyholder’s bank account. However, with this new technology, policyholders can now apply for loans anytime and from anywhere online.

Once the application is submitted, the loan amount will be directly transferred to their KHALTI wallet in real time. At present, the maximum loan amount available through this online process is limited to Rss 50,000.

On this occasion, the company also launched the SuryaJyoti Cares Digital Card. This new service is aimed at providing more convenience to policyholders and agents by offering special discounts and benefits through affiliated service providers.

Those who meet certain criteria will be eligible for the digital card, which can be accessed through the SuryaJyoti mobile app

. The card will allow users to access discounts on services from various partner organizations, including hospitals, health checkup labs, hotels, educational institutions, department stores, and more.

To avail of these benefits, policyholders and agents must be registered on the SuryaJyoti mobile app and meet the company’s eligibility criteria. Complete information about the SuryaJyoti Cares Digital Card, its usage, partner institutions, and available benefits can be found on the SuryaJyoti mobile app or the official website of SuryaJyoti Life Insurance.

In his address, the Executive Director of the Insurance Authority, Sushil Dev Subedi, commended SuryaJyoti Life Insurance for pioneering the development of high-tech products in the insurance sector.

He expressed confidence in the company’s mission and stated that the Insurance Authority would continue to support and guide such initiatives.

The Chairman of the Insurance Authority, Sharad Ojha, also lauded the two new services launched by SuryaJyoti Life Insurance, describing them as highly commendable and crucial for policyholders.

He noted that this approach, which many countries have already implemented, would make life insurance products more liquid, providing policyholders with easy access to loans whenever necessary.

He emphasized that such services would offer policyholders the assurance that they can get immediate financial assistance without necessarily needing to visit the insurance company.

SuryaJyoti Life’s Chairman, Keshab Prasad Bhattrai, expressed gratitude towards the Insurance Authority for its commitment and support, which has motivated the company to keep innovating and launching new technology-based services.

He assured that SuryaJyoti Life would continue to lead the life insurance sector by introducing refined and enhanced services, thanking employees, directors, agents, partner organizations, regulatory bodies, and the media for their continued support.

Currently, SuryaJyoti Life Insurance Company Limited has a paid-up capital of Rs 501 million, total investments of Rs 4,360 million, and a life insurance fund of Rs 3,803 million.

The company has issued a total of 32,23,961 insurance policies, with 102,100 trained agents and 174 branch offices across the country.

SuryaJyoti Life Insurance is the first company in the insurance sector to offer coverage for 35 critical illnesses with treatment costs of up to Rs 5 million.

It has also become the first life insurance company in Nepal to receive the ISO 9001-2015 certification.