Protect yourself

KATHMANDU, July 4: The popularity of an insurance company today depends just not on its customer service but also the diverse varieties of products that it launches in the market to get more customers. Many people today take in account the quality of products while purchasing insurance products.

Realizing this fact, insurance companies are relying heavily on insurance products and this has resulted into a rigorous competition among insurance companies for producing the best insurance products in the market.

Insurance companies - established and newcomers alike - are adopting the policy of ´devising lucrative products to capture the market´ to grow amid cutthroat competition in the market, said Son Bahadur Mager, manager of Life Insurance Corporation (LIC) Nepal´s Kamaladi branch.

Mager said Jeevan Aanand Life Insurance policy of LIC (Nepal) is doing very well in the market.

“The Jeevan Aanand policy is one of the most sold insurance products of LIC (Nepal) and it is through this policy that we have been able to attract many customers,” Mager said, adding, “Through this product, insurer can get both the bonus as well as the insurance amount after the maturity of the policy. As the policy also has the provision of free risk coverage up to whole life even after the payment of the policy, this provides double benefit to the insurer.”

This product also covers accidental benefits. The triple benefits of the product are the main reason behind its popularity, he said. “More than 50 percent of the total polices that we have offered is Jeevan Aanand policy,” Mager added.

It is not just LIC (Nepal) that has been able to attract customers through its life insurance products. Nepal Life Insurance Company Ltd (NLIC), the first private sector life insurance company in the country, has also been able to pull a lot of customers through its attractive life insurance products.

Rakshya Baral, senior assistant at NLIC, said Surakshit Jeevan Beema, Dhan Barsha Jeevan Beema, Keta Keti Jeevan Bima and Jeevan Sarathi are the most popular among eight life insurance products offered by the company.

“All of our insurance products are reliable and serve the interest of different individuals. When it comes to cheaper products, people prefer our Surakshit Jeevan Bima scheme. Besides, Dhan Barsha is widely popular amongst businessmen who need cash in between and Jeevan Sarathi is suitable for husband and wife. Keta Keti Jeevan Bima is bought by parents for the security of their children,” Baral added.

Prime Life Insurance Company Ltd -- one of the leading insurance companies in the country - as managed to gain impressive market share through attractive life insurance products.

Prime Life Dhana Sagar and Prime Life Swarnim policies are two most popular products introduced the company. More than 50 percent of Prime Life´s total customer base has purchased either of these products.

The increasing popularity of life insurance products has prompted life insurance companies to come up with even attractive policies. LIC (Nepal) is shortly is coming up with a new life insurance product called Jeevan Aastha. In this product, the insurer has to pay premium only once.

The new policy will be a fixed premium plan where insurer will get bonus of Rs 85 per Rs 1,000. In case of death of the insurer within the policy period, the company will provide double of the insurance amount plus accidental death benefit to next of kin.

“The new product targets big businessmen, who look after investment return as well as risk coverage,” Mager said.

Not only LIC (Nepal), other players in the life insurance market are also coming up with new and attractive policies to attract more customers.

Source: http://www.myrepublica.com/portal/index.php?action=news_details&news_id=20636