Kathmandu. Nepal Life Insurance has earned more than Rs 3 billion in interest in the last one year from the loan disbursed to the insured.
Insurance company’s financial year 2080. According to the annual report of 1981, a total of Rs 3.03 billion has been earned as interest income. Interest income has also increased due to the increase in the amount of insurance collateral.
The previous fiscal year 2079. In 1980, the insurance company earned a total of Rs 2.97 billion in interest income from the insured. In the last fiscal year, interest income had increased by 13.96 percent.
According to the insurance company’s annual report, the insurance company had disbursed a total loan of Rs 33.39 billion in the last fiscal year. There was an increase of 9.64 percent in the insurance loan amount in the last fiscal year compared to the previous fiscal year.
Insurance last fiscal year 2079 BS. In 1980, the insured had availed a loan of Rs 30.45 billion for the protection of the insurance policy.
Current fiscal year 2081. In the third quarter of 1982, the bank has earned Rs 2.75 billion as interest on the insurance loan. In the same period of the previous fiscal year, the company had earned a total of Rs 2.45 billion in interest income.
According to the unaudited financial statements of the third quarter of the insurance company, a total of Rs 36.64 billion has been invested including employee loan facilities.
Out of the total loan amount disbursed by Nepal Life, the insurance mortgage loan accounts for 98 percent.
There is a provision that the insured can take a loan from the insurance company against any policy of term nature, which has been regularly paid for three years. For this, the policy must have completed 3 years from the date of issue of the policy.
Nepal Life has been providing insurance loans at an interest rate of 10 per cent per annum since June 1, 2018. Since the interest amount is calculated half-yearly, it is wise for the insured to pay the interest amount of the loan regularly within 6-6 months to prevent the capitalization of the interest.
