Prabhu Life Insurance has commenced its operation from today.Insurance Board (IB) Chairperson Chiranjibi Chapagain launched the new lifeinsurance company amid a formal ceremony here today, as per a media release.

Backedby the Prabhu Group, Prabhu Bank, Shangrila Bikas Bank and renowned businessgroups of the country, Prabhu Life aims to expand insurance market to thegrassroots level.

Theinsurance company has two insurance policies. First is the whole lifeinsurance, under which if the insured person is alive by the time the policyexpires, he or she will get the insured amount and accumulated bonus. In casethe insured person dies before the policy term expires, the designatedbeneficiary will get the insured amount and accrued bonus in a lump sum.

Underthe second policy — endowment insurance — the insured would get the lump suminsured amount and accumulated bonus if the insured person is alive by the timethe term expires. If the insured person expires before the policy ends, theinsured amount and collected bonus would be handed over to the designatedbeneficiary.

Addressingthe launch ceremony, IB Chairperson Chapagain explained that the board hasrecent granted licence to new insurance companies in consideration of themarket potential as the country’s economy has undergone some massivetransformations in the last decade. “Entry of new insurance companies willgenerate new job opportunities and also help in expanding the insurancemarket.”

Statingthat Prabhu Life will set a new benchmark for life insurance companies in thecountry, Ram Bahadur Pandey, president of the company, said that Prabhu Lifewill be introducing policies that are not only targeted at the urban clientsbut also farmers to small businesspeople in the villages. “Our aim is to dobusiness by rising above the traditional insurance market.”

Source: The Himalayan Times, 14^th December 2017