Progress at a glance

The company has been a symbolic organization in the life insurance industry, special efforts are being made to spot, recruit and train new agents not only in the academic part of insurance but also in marketing and servicing of insurance. For this purpose, the training sessions are being held at door steps of agents i.e. the 'Branch'  and  'Sub Branch'  to which they are attached. Concentrated attempts are being made to upgrade their knowledge, so that they become our future assets and market leaders because only out of them will come our future marketing personnel. The results so far achieved give us assurance that the company is on sound and solid ground.

Bonus Details

Duration ENDOWMENT
As on July 2003 Term Bonus Rate
5 -14 37
15 – 19 43
20 - 24 49
Above 25 65
July 2003 to July 2006 ALL 50
July 2006 to July 2009 5 - 20 56
21 - 25 60
Above 25 71
July 2009 to July 2011 5 - 15 60
16 - 20 62
21 - 25 70
Above 25 80
July 2011 to July 2012 5 - 15 62
16 - 20 64
21 - 25 72
Above 25 82
July 2013 onwards 5 - 20 65
21 - 25 72
Above 25 82
  MONEY BACK
As on July 2003 15 39
20 44
July 2003 to July 2006 ALL 50
July 2006 to July 2009 15 56
20 58
July 2009 to July 2011 15 60
20 62
July 2011 to July 2012 15 62
20 64
July 2013 onwards 15 65
20 65
(Jeevan Sambridhi) July 2013 onwards 15 62
20 64

*Bonus rate is based on Per 1000 Sum Assured

Servicing Performance

  1. Personnel, office services, underwriting and accounting rules, work systems, procedures etc. have been prepared/devised and put in operation. Even policy servicing rules and formats have been prepared, they will be in use in the subsequent years.
  2. About 150 forms and formats required for functioning of an insurance office and servicing of policies, agents etc. have been prepared.
  3. A number of jobs like, issue of acceptance letters, first premium receipts and policy bond and preparation of adjustment books, commission bills, granting of loan, surrender of policies have been taken on computer. The business data is also being generated on computer. The software is the backbone of the insurance company and NepalLife is fully automated.
  4. We have been able to maintain a fairly good level of performance in servicing our clients which can be seen from the following performance indicators.
     
    Job description Time lag
    Registration of proposal Day-to-day basis
    Underwriting Day-to-day basis
    Issuance of acceptance letter Day-to-day basis
    Issue of FRP Day-to-day basis
    Issue of policy bonds Day-to-day basis
    Commission billing Fortnightly/Monthly

Human Resource Development

NepalLife has sufficient number of skilled manpower. To strenghten the marketing force we have made special efforts to impart theoretical and practical training to staff and agents, by inhouse faculty and outside institutions.

Agents - We provide regular training to our agents in a view to develop professionalism in them.We also hold motivational cum educational meeting of star performer agents and organised consumer meets.

Staff - Newly recruited staff members are being given theoritical and practical training about insurance principles and practices. At the same time, majority of them are rotated from seat to seat, so as to give them practical exposure to various activities of the company.

Consumer Meet - Consumer meet of policy holders are being organized at different centre to make them aware of latest trends in insurance , various products the company has launched and services provided.

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