Life insurance is a contract between an insurer and the policy owner to safeguard your loved ones and assets. The insurance company promises to provide a certain amount of money in return for regular payments (premiums), either after the insured person's death or after a fixed period. Many people in Nepal are still unsure about how life insurance works and why it is important to have insurance for themselves and their families. Various life insurance myths and misconceptions often stop people from securing their future.
In this blog, we will explore it further.
Top 6 Life Insurance Myths amongst People in Nepal:
Let’s dive into the top 6 life insurance myths that many Nepalese still believe.
1) Life Insurance is only for Independent Members of the Family:
Many people believe that only working members need to get an insurance plan. However, other plans are available, such as a child, retirement, whole life plans, etc. This means different life insurance plans cover every family's requirements. Hence, every member of the family can get the insurance plan. Choose a suitable insurance plan according to your needs, because insurance is an investment and savings for the future.
2) Young and Healthy People don’t need Life Insurance:
Anything can happen at any point in life. Accidents take the lives of many youths every day in Nepal. Getting an insurance plan makes sure the family does not face financial difficulties. The cost of insurance is lower if you purchase it while you are young and healthy, compared to when you are older. It is a smart decision to get life insurance as early as possible.
3) Life Insurance is Too Expensive:
A common life insurance myth is that it is too expensive. People think it is only for the wealthy. In reality, many affordable life insurance plans offer good coverage for a small premium. For example, term life insurance provides a high amount of coverage while keeping the monthly or yearly payment (called a premium) very low. Life insurance is more affordable than people think and can fit into many budgets.
4) Getting Life Insurance is Troublesome:
People assume getting life insurance is troublesome. They think they need various paperwork, and the whole process is time-consuming. In reality, the process is smooth; one doesn’t need to be stuck in paperwork. Instead, the insurance process is hassle-free for customers.
5) Life Insurance Only Pays After Death:
While many life insurance plans do pay a lump sum after the policyholder’s death, several policies also offer maturity benefits. Plans like endowment or money-back policies return a certain amount at the end of the policy term, which can be used for future needs like education, business, or retirement.
6) Life Insurance is Only for the Elderly:
Many believe that life insurance is meant only for older individuals. The truth is, getting life insurance at a young age is the smarter decision. Premiums are lower, and you get long-term benefits. The earlier you start, the better coverage you can enjoy at affordable rates.
Why Choose Nepal Life for Life Insurance?
The advantages of life insurance naturally stood out more while explaining the myth. Getting life insurance from Nepal Life is the smartest choice. That’s why? We will explore it further.
Strong Market Reputation: Nepal Life is one of the most trusted and leading life insurance companies in Nepal. We are known for reliability and the best customer service.
✓ Affordable Premium Plans: We offer various life insurance plans that fit different budgets, which makes life coverage accessible to more people.
✓ Wide Network Coverage: Nepal Life has a strong presence in the country with branches and agents in almost every district.
✓ Fast & Transparent Claim Process: We provide smooth, hassle-free, timely, and transparent claim settlement procedures.
✓ Customized Plans: Nepal Life offers tailored policies based on your financial goals.
Conclusion
Different people have diverse views. Listening to others and making your own decision may not always be beneficial. People in Nepal often assume life insurance is troublesome and pass these myths to others, which hinders many people from getting insurance. Don’t believe in these life insurance myths. Insurance is an investment; get insurance for all your near ones because we know you care for them.
You can trust Nepal Life to enjoy a smooth and hassle-free insurance process. We have 60,000+ agents to help you; all it takes is your decision to get started. Contact us if you have any queries.
Visit the Nepal Life Insurnace website to get more information about our insurance plans.
Most Asked Questions:
1) Which is Nepal’s best life insurance company?
✓ Nepal Life is Nepal’s best life insurance company.
2) Is Nepal Life a government company or privately owned?
✓ Nepal Life Insurance is a private company.
3) Which is an affordable type of life insurance?
✓ A term plan is one of the most affordable types of life insurance.
4) What is the importance of an insurance company?
✓ The insurance company safeguards you, your loved ones, and your belongings.
5) What is a 50 lakh life insurance cover?
✓ It means if anything happens to you, your family will receive 50 lakh rupees from your insurance.