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Coronavirus insurance policy gets continuity

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Coronavirus insurance policy gets continuity
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KATHMANDU, JUNE 5

A day after the Insurance Board instructed all non-life insurance coverage firms to halt the Corona Insurance scheme, it has directed them to present continuity to the scheme.

Though the Corona Insurance scheme was included within the finances for fiscal 2020-21, non-life insurance coverage companies had determined to place it off yesterday as per the route of Insurance Board as they feared large monetary burden amidst rising variety of COV- ID-19 circumstances throughout the nation.

Non-life insurance coverage firms had determined to not promote the coverage, assuming that the quantity to be paid in claims will likely be very excessive.

However, Insurance Board — the insurance coverage sector regulator — at this time directed non-life insurance coverage companies to present continuity to the coronavirus insurance coverage scheme after the federal government assured to share the chance with the insurance coverage companies given the growing circumstances of COVID-19 throughout the nation.

It is learnt that Finance Minister Yubaraj Khatiwada had requested the Insurance Board to make sure continuity of the coronavirus insurance coverage scheme assuring that the federal government will share the chance with insurance coverage companies, following which the board directed insurance coverage companies to present continuity to the programme.

Raju Raman Poudel, government director of Insurance Board, confirmed that non-life insurance coverage firms have been requested to renew the coronavirus insurance coverage scheme. “Amid rise in demand of the coronavirus insurance coverage coverage, which had fearful insurance coverage companies, the federal government has assured to share the dangers concerned.

Thus, insurance coverage companies have been requested to not halt the scheme,” mentioned Poudel.

Following a route to this impact, insurance coverage companies have given continuity to the scheme, knowledgeable Chunky Chhetri, normal secretary of Nepal Insurance Association.

Earlier, the board had directed non-life insurance coverage firms to offer the insurance coverage scheme in view of the rising risk of coronavirus pandemic, particularly to cowl the low-income individuals affected by the pandemic. The Insurance Board had fastened premium at Rs 500 for every particular person and Rs 300 for an extra member of the family, for individuals who take out insurance policies price Rs 50,000. The board has directed insurance coverage companies to cost Rs 1,000 per particular person and Rs 600 for an extra member of the family if the coverage is price Rs 100,000. As per the Insurance Board, greater than 227,000 individuals have taken out corona insurance coverage, up to now.

A model of this text seems in e-paper on June 6, 2020, of The Himalayan Times.

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