CORPORATE GOVARENCE-PRIME LIFE NEPAL

PRIME LIFE INSURANCE COMPANY NEPAL LIMITED.

GOOD PERSONNAL RELATIONSHIP

IMPROVING TECHNOLOGY

Corporate Governance

"At PrimeLife, we are committed to the highest standards of corporate governance and ethical conduct. To ensure our commitment, we have developed a framework within which we operate that enables us to be governed by laid down policies and procedures.

In order to monitor critical areas of business, following committees have been formed:

AUDIT COMMITEE

This committee consists of three Board of Directors, which continuously monitors governance of laid down policies. It also ensures compliance of the comments made by independent Internal Auditor in the day-to-day affairs of the company.

Investment Committee

This is a functional committee, consisting of 2 Board of Directors, 1 Advisor to the Board and CEO. The role of investment committee is to ensure right balance between returns and safety of the company’s investments.

Executive Committee

Executive Committee, which consists of CEO, GM, Head of Businesses, Head of Underwriting, Head of Finance, Head of IT, Head of Admin & HR,ensures effective management of the company.

Risk Management Committee

This committee is chaired by CEO. GM, Head of Underwriting, Head of Finance and Head of IT are the other members of the committee. It works within the purview of Audit Committee and ensures zero gaps between the laid down policies and activities of the company.

PrimeLife Technology

PrimeLife is powered by an international software called ‘SohamLife’, which is a central database system and can be accessed by all the branches at the same time for policy issuance and updates. With the help of this software, PrimeLife is able to deliver service to its customers efficiently.

SMS Service

The company has introduced an SMS system, through which all the policyholders receive notification for payment of policies. This system helps the policyholders to continuously receive life insurance benefits.

Re-Insurer

Re-insurer of PrimeLife is ScorGlobal Life, which is a top 5 Global Life Re-insurer based in Paris with an Assets value of USD 6.9 billion.

POST BY BIJAY THAPA.

BOARD OF DIRECTORS OF PRIME LIFE NEPAL

Board Of Directors

MR. RAJENDRA KUMAR KHETAN
CHAIRMAN

MR. RATAN LAL SANGAHI

DIRECTOR


MR C.P. KHETAN

DIRECTOR

MR. GOPI KRISHNA SIKARIA

DIRECTOR


MR SUMAN JOSHI

DIRECTOR

MR PREM PRAKASH KHETAN

DIRECTOR

MR MADHU SUDAN AGRAWAL

DIRECTOR

Introduction of Prime life insurance Company Limited

Introduction of Prime life insurance Company Limited

Company Overview

MR. RESTA JHA, -CEO

PRIME LIFE AT A GLANCE • Came into existence in June 2007 • The promoters represent Nepal's leading and highly prominent business groups having widely diversified business interests and expertise • It reinsures with SCOR Global Life, which is a top 5 Life Re-Insurer of the world • It is powered by international operating software called 'SohamLife' • Introduced an SMS System, through which all the policy holders receive notification for payment of policies

INTRODUCTION Over the last decade, Nepalese insurance industry has undergone a substantial change, from being the domain of nationalized players to attracting private sector companies. Globalization and the consequent creation of new companies have sharply increased the competitive intensity and dynamism of the insurance business. This has fostered a need for greater flexibility in operations and processes to gain competitive advantage.

As the industry has changed, so too has the customer- provider relationship. In the modern context, insurance distribution is not only the old “Feet on Street” (FOS) agency model but has also become sophisticated and more effective with technology playing a greater role in enhancing services.

PrimeLife at a glance

Prime Life Insurance Co. Ltd. (PrimeLife) came into existence in June 2007. Promoted by eminent business groups, PrimeLife has carved a niche for itself in the insurance sector and has achieved the following:
Earned net profit of NPR 56.75 million in the first fullyear operation. This is an unprecedented achievement in the Nepalese Life Insurance Industry.
More than 165,000 policies in just 2 years of operation.
Collected premium amounting to NPR 330 million.
Increased its distribution network by opening 44 points of representations (including Branches and Sales Offices) all over Nepal.
Continues to be among the fastest growing life insurance company with incremental growth in premium, quality of business, customer service and assurance of good returns.
The share holding constitutes of the promoters holding 70 percent and 30 percent is to be offered to general public. The promoters represent Nepal’s leading and highly prominent business groups having widely diversified business interests and expertise. Laxmi Bank Limited, one of the leading commercial banks in Nepal, is one of the major promoters with 15 percent stake. We are expecting approval from Securities Exchange Board for Initial Public Offerings (IPO) amounting to NPR 108 million by the end of January 2010. After the completion of IPO, company’s capital base will increase to NPR 360 million from existing NPR 252 million.

Our Values

Our values are based on high standards of corporate governance, transparency and professionalism. Governed by our values, we are in the mission to:
Provide complete range of life insurance products bundled with innovation and superior customer services in order to achieve excellent business growth and provide superior value to all our stakeholders.
To make Prime Life appealing to the target consumer in terms of the following benefits earned:• Savings; • Life security; and • Tax benefits

We expect to achieve our overall vision through an excellent team work.

INSURANCE PLANS: Asian Endowment plan

ASIAN ENDOWMENT PLAN

Terms and Conditions

1. Minimum Age at Entry : 16 years
2. Maximum Age at Entry : 60 years ASIAN ENDOWMENT INSURANCE
3. Minimum Term : 5 years
4. Maximum Term : 50 years
5. Maximum Maturity Age : 65 years
6. Minimum Sum Assured : Rs. 25000
7. Maximum Sum Assured: Rs. according to the financial condition of life to be assured
8. Premium Paying Modes : Yearly, Half-yearly, Quarterly
9. Large Sum Assured Rebate
Rs.51000 to 100000 : Rs.1 in Basic Premium
Rs.101000 and above : Rs. 2 in Basic Premium
10. Mode Rebate
Yearly : less 2%,
Half-yearly : less 1%
Quarterly : No Discount
11.Maturity and Death Benefits :
* The Sum Assured along with bonus is payable on Date of Maturity.
* In case the Life Assured dies any time after commencement of risk, full Sum Assured with the bonuses will be paid.
12. Optional Benefits: ADB,ADB+PTD+PWB with additional price.

post BY BIJAY THAPA. bijay-lifeinsurance.blogspot.com

Management Team of Asian life Insurance Co.

Management Team

Mr.Ramesh Kumar Bhattarai Managing Director

Mr.Kamal Raj Gautam General Manager

Mr.Hom B. Shrestha Senior Manager (Marketing)

Mr.Murari Raj Humagai Manager (Underwriting)

Mr.Kishor Dahal Manager (I.T.)

Mr.Kamal Dhungana Deputy Manager (Account)


Mr.Ramesh Kumar Bhattarai

Managing Director
M.B.A. and B.L. degree holder from T.U. is a dashing and successful insurance and banking icon of Nepal.A number of responsibilities he has taken in various senior positions in Nepal Bank Ltd., and as Vice President of Birgunj Chamber of Commerce and Industries, Chief Executive Officer of Nepal Life Insurance Company Limited, Advisor of Birgunj Sub-Metropolitan City, Founder Managing Director of Mahalaxmi Finance Limited, Founder Managing Director of AMC Hospital and Research Institute Limited, Founder Chairman and Executive Chief of Radio Birgunj(Parsa F.M.Pvt.Ltd.),and Founder Chairman of Radio Narayani (Race Nepal-NGO) will prove a faultless guidance to steer the company successfully. Prior to joining this Company, he was Chief Executive Officer in Nepal Life Insurance Company Ltd. where he successfully managed. During his tenure, every company with his involvement has proved itself a number one in Nepalese banking and insurance sectors. His loaded past experiences in banking and insurance companies will prove abundant to provide further guidance and perfect leadership to this company.

Mr.Kamal Raj Gautam

General Manager
Bachelor degree in Economics from T.U. is an iconic figure of Nepalese Insurance Companies, with enriched experiences gathered from various insurance companies of Nepal and international trainings from Wills fabor Co.Ltd. London, U.K.,Life Insurance Corporation India, National Insurance Academy Pune,India and Indian Institute of Management, Bangalore,India. After serving Nepal Rastra Bank competently for 10 years then he switched himself to Rastriya Beema Sansthan. After gathering 3 years`` experience in beema Sansthan, he left the company to become a insurance agent and proving himself a number one for most of his tenure. He was President of Nepal Professional Insurance Agent Association of Nepal. He has also been imparting his rich experience to new comers as trainers of Beema Samitee. Prior to joining this company, he held the position of Deputy General Manager in Nepal Life Insurance Company Ltd., there he played a key role in developing over all aspects of the company. With an experience of over 30 years in insurance sectors of Nepal he brings a wealth of expertise to the challenges of building a life insurance company. Enriched with these national and international experiences of more than 30 years, Mr.Gautam is appropriately steering this company as a General Manager and Company Secretary.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Board of Directors

Chairman of Asian Life Insurance
Mr. Bijay Kumar Sarawagi

Board of Directors
Mr. Bijay Kumar Sarawagi Chairman

Mr. Ramesh Kumar Bhattarai Managing Director

Mr. Babu Lal Agrawal Director

Mr. Dinesh Lal Shrestha Director

Mr.Dina Nath Khandelwal Director

Mr.Kamal Raj Gautam General Manager / Company Secretary

Chairman

B.Com degree holder and a young industrialist has been steering the Asian Life Insurance Company under his competent chairmanship. He has the rich experience of leadership as he is the Chairman of Birgunj Finance Limited, Chairman of Radio Narayani, Birgunj and Ex-President of Birgunj Chamber of Commerce & Industries.

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com

Introduction of Asian life Insurance Company

Asian Life Insurance Company Ltd has got operating license as per Insurance Act 2049 from Beema samiti in 2064/11/15. After 5 years in Nepalese Life Insurance Business, Asian Life Insurance Company is the first Life Insurance Company to receive operating License from Beema Samiti. In line with its vision to be the No.1 Life Insurance Company in Nepal.

The Authorized Capital of the Company is Rs. 500 million. The Issued capital is Rs. 360 million on which seventy percent (70%) is fully paid by promoters and rest 30% has been issued to general public.
Corporate office of Asian Life

About Gurans Life Insurance Company ltd.

गुरांस लाइफ इन्सुरेन्स कंपनी लिमिटेड

Gurans Life Insurance Company Limited

A leading Life Insurance Company of Nepal

Introduction
Gurans Life Insurance Co .Ltd. has been established and registered under Company Act 2063 B.s.(Regd. No. 1005/063-64) and Insurance Act 2049 as a public Limited Co. and was issued a license operate Life Insurance Business on 2064/12/18.

Gurans Life Insurance Co .Ltd. is promoted by a Commerical Bank, T.M Dugar Group along with group of diverse and renowned Businessmen, Industrialist and Legal professionals

Capital
Gurans Life Insurance Co .Ltd. have total authorized capital of 50 crore and Issued capital of 36 crore. Out of the issued capital, 70% amounting to 25 crore 20 lakh has been contributed by the promoters and the remaining 30% amounting to NRS. 10 Crore 80 lakh will be issued publicly within a year of operation of the company.

Re-Insurance
The Company has made reinsurance arrangement with SCOR GLOBAL LIFE SE, SINGAPORE .

Vision
To develop the company as an important entity in contributing to social as well as financial sector towards making New Nepal.

To invest and expand business in international market for providing maximum benefit to policyholders.

Mission
Create resources and generate employment opportunities and promote saving habits of individuals for their financial stability and improvement of their living standard.

Life insurance is not just a business, it is a social service as well.

LIC(Nepal)ltd: Introductions and Products

About LIC(Nepal)ltd

LIC (Nepal) Ltd. is one of the largest capitalized public limited insurance companies of Nepal. A joint venture between Life Insurance Corporation of India(55%) and Vishal Group of Nepal (25%), the insurance company has public participation to the extent of 20%. Life insurance corporation (Nepal) Ltd. is instituted under the Companies Act 2053 , 27.12.2000 and has Registration No: 765-057/58 The Company Started its Operations on 1.09.2001.


Products of LIC (Nepal) ltd

Endowment
Plan Number - 333

Description
To maintain the standard of living to which you and your family are accustomed, you need sufficient money. Therefore, it's better for you and your beloved family to be protected from financial burden of an uncertain future. Regular saving through the insurance can protect you and your family for safe future.

Benefits
Under this plan the Sum Assured with vested bonuses is payable either on the date of maturity or on earlier death.

Features
This is a with profit policy. Mininum Sum Assured is 10,000 and no limit for maximum Sum Assured The policy becomes paid up if at least two full Years premium is paid. The policy can be surrendered after completion of two full Years with payment of all due premiums. Loan is payable under the policy after two years to the extent of 90% of Surrender value. If at least two full Years premium have been paid and if death occurs within next one year from first unpaid premium full sum assured is payable subject to rules and regulation. Term Rider upto twice the basis S.A. for policies with age at entry & maturity between 18 Years and 60 Years is available to policy holder for adult. Sum Assured not more than two lakhs. Double accident benefit including permanent disability benefit is available from the age of 18 to 70 Years.

Money Back
Plan Number: 334,335,336,337,339

Description
Under this plan, provided the policy is inforce for full Sum Assured for the term mentioned in the table below, the Sum Assured will be paid in installments at periodic intervals However in the event of death the full Sum Assured is payable without any deduction or adjustment for the amount that may have been paid earlier by way of Survival benefits. The bonus additions to the policy will be reckoned on the full SA and are payable at the end of the selected term of years or at the Life Assured's death, if previous.

Plan No Term Survival Benefits

5 year 10 year 15 year 20 year 25 year
334 15 years 15% 25% 60% - -
335 20 years - 25% 25% 50% -
336 25 years - 10% 15% 25% 50%
337 20 years - 15% 25% 60% -
339 15 years 25% 25% 50% - -




Features
This is a with profit policy. The policy becomes paid up if at least two full years premium is paid. The policy can be surrendered after completion of two full years with payment of all due premiums. Loan is payable under the policy after two years to the extent of 90% of Surrender value. If at least two full years premium have been paid and if death occurs within next one year from first unpaid premium full Sum Assured is payable subject to rules and regulations. Term Rider upto twice the basis S.A. for policies with age at entry & maturity between 18 years and 60 years is available to policy holder for adult. Sum Assured not more than two lakhs. Double accident benefit including permanent disability benefit is available from the age of 18 to 70 years.









Child Plan
Bal Mamata (Plan No. 340)
Bal Saneha (Plan No. 341)

Description
This plan has guaranteed additions of Rs. 65/- per thousand Sum Assured per annum for the first 5-year and reversionary bonuses thereafter. The accrued guaranteed additions and vested reversionary bonuses would be payable either on maturity or immediately on death after the commencement of risk. The option is available under the plans to pay the premiums up to the age of 16 Years [340] or 20 Years [341].
The benefit available under this plan is as follows

In the age of 16 years 25% of Sum Assured
In the age of 18 Years 25% of Sum Assured
In The age of 20 Years 50% of Sum Assured+ Bonus Amount


Jeevan Anand
Plan Number: 342

Description
This plan is a combination of endowment with profit plan and deferred whole life without profit plan. It provides the pre-decided SA along with vested bonuses at the end of the premium paying term, but the risk cover on the life continues till death of the Life Assured.

Features
This is a with profit policy. Sum Assured along with the vested bonus, if any, are payable at the end of the Premum Paying Term; maturity value. Sum Assured along with vested bonus are payable on death of the Life Assured during the Premum Paying Term. An amount equal to the Sum Assured is payable on death after the Premium Paying Term, free insurance cover after maturity. Double accident benefit including permanent disability benefit is available from the age of 18 to 70 Years.







Griha Laxmi
Plan Number: 343

Description
An amount equals to Basic Sum Assured along with vested guaranteed additions and vested bonus will be paid if Life Assured dies.4% of the Sum Assured every year after the end of 3rd year till the end of 14th year will be paid. [12 installments and balance Sum Assured at the time of maturity]
During the first 5 year of policy, guaranteed additions @ of Rs. 65/- per thousand Sum Assured will accrue at the end of each completed year. These will be paid on earlier death of the Life Assured during the term of the policy or at maturity. Policy will participate in bonus after 5 Years.Policy Loans are not available under this plan


Bima Kiran
Plan Number: 344

Description
It is a low premium term assurance plan. This provides the pre-decided SA during PPT and 50% of Pre-decided SA within 10 years after maturity if LA dies. Else premiums paid excluding extra premium will be refunded at maturity. Policy loans and surrender value are not available under this plan.


Jeevan Tarang
Plan Number: 345

Description
This plan provides annual survival benefit @5% of the SA every year after the chosen accumulation period. The vested bonuses in a lump-sum are payable on survival to the end of the accumulation period or on death, if earlier. Further the SA is payable on survival to age 100 years or on death, if earlier. Policy Loans and surrender value are not available under this plan

POST by Bijay Thapa. bijay-lifeinsurance.blogspot.com