“We have already submitted a request to the Insurance Board to approve the proposal,” Bharat Basnet, CEO of National Life, told a press meet organized to mark the company´s 25th anniversary in Kathmandu. [break]
"We will start selling them soon as we get approval from the board." He, however, did not elaborate on the products that the company plans to introduce.
The company´s announcement comes at a time when the insurance sector regulator is all set to make it mandatory for insurance companies to start selling microinsurance products that allows low-income groups to purchase policies of a few hundred rupees to get coverage of up to Rs 100,000.
The IB has currently identified six microinsurance products, which could be launched immediately in the market, including, livestock, health, personal accident, self-employment, endowment and term insurance policies.
Prema Rajya Laxmi Singh, chairman of National Life, said the company is also interested in using its fund in hydropower, communications and finance sectors.
National Life, the third largest life insurer in terms of premium collection, has a life fund size of Rs 6.5 billion.
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