Rs 42 billion Loan Disbursement By Life Insurance Companies In Nepal
June 7, 2020 | Investopaper
Nineteen life insurance companies of the country have disbursed loans of around Rs 42.66 billion on the security of insurance policies. The Insurance Committee has stated that these life insurance companies have disbursed the loan by keeping the said amount as collateral until the third quarter of the current Fiscal Year 076/077 BS.
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Six companies have disbursed more than Rs 1 billion in loans Chaitra end of this fiscal year. The highest loans were disbursed by Nepal Life Insurance and the lowest by Reliance Life Insurance.
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According to the insurance board, Nepal Life Insurance has disbursed the loan amount of Rs 16.69 billion in the first nine months of the current fiscal year, while Life Insurance Corporation (Nepal) has provided loans of Rs 12.62 billion in the same period.
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Similarly, National Life Insurance Company has disbursed Rs 4.59 billion loans against the insurance policies. Likewise, Asian Life Insurance has loaned Rs 2.28 billion in the same period. Rastriya Beema Sansthan and Prime Life Insurance Company are among the companies that have disbursed over Rs 1 billion in insurance policies during the period. As of Chaitra end of this fiscal year, the state-owned Rastriya Bima Sansthan has disbursed Rs 1.61 billion and Prime Life Insurance has loaned Rs. 1.17 billion.
Similarly, Met Life Insurance has disbursed Rs 964 million, Union Life Insurance Rs 762.5 million, Surya Life Insurance Rs 694 million and Gurans Life Insurance Rs 501.7 million. Also, Jyoti Life Insurance has loaned Rs 174.3 million, Sun Nepal Life Insurance Rs 136.6 million, Mahalakshmi Life Insurance Rs 125 million and IME Life Insurance Rs 110 million.
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During the same period, Reliance Life Life Insurance disbursed Rs 97.1 million, Citizens Life Insurance Rs 82.4 million, Sanima Life Insurance Rs 21 million and Prabhu Life Insurance Rs 13.1 million. Similalry, Reliable Life Insurance has the lowest amount of loan of Rs 6.5 million as insurance policy till Chaitra end of this fiscal year.
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