Kathmandu. The Nepal Insurance Authority (NIA) has directed the life insurance companies and micro life insurers to make the payment of insurance amount to the flood victims in an easy manner.
The Authority issued a circular in the name of all life insurers and small life insurers today. In the circular, an 8-point directive has been given to make arrangements for ease in payment of insurance amount.
The NRA has directed the government to implement simplified provisions in the evidence, documents and procedures to be submitted in the death claim, surrender, insurance policy, loan and maturity payment for the benefit of the insured and heirs in view of the disaster caused by the floods in the Lhende-Khola-Bhotekoshi-Trishuli-Narayani river system on August 26.
Here are the instructions
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- Details to be disclosed in the claim application: Name of the insured, date of death, cause of death, policy number and relationship with the claimant.
- Documents to be attached to the application: Relationship proof between the insured and the claimant, identity card issued by the government agency to confirm the identity of the claimant (citizenship certificate or national identity card or driving certificate or passport or land ownership certificate), insurance policy or if it has been destroyed can be taken on the basis of the records in the insured.
- Certified statement of death as a result of a flood÷÷disaster issued by a body or authority authorized to certify the death or disappearance from the said event or judicial declaration of death.
- If the original insurance policy is not available, a copy of the insurance policy in the company’s records may be considered as the basis of the insurance policy.
- If a copy of the policy is requested from the concerned insured, a free copy will be issued.
- The concerned insured and agent shall assist the insurer to obtain and update the documents in case the insurance documents (policy docket) have been destroyed by the insurance companies.
- If you are unable to pay the regular installment of the insurance premium or insurance policy loan due to this reason, extend the moratorium period for up to 6 months without interest charge.
- In the case of the disappeared insured, while taking the death claim payment from the concerned heir, “If the insured is proved to be alive in the future, if action is taken as per the prevailing law, the claim should be paid by taking a letter of self÷commitment”.
