Kathmandu. Sports activities in Nepal have been gaining momentum recently. Moreover, people’s craze for sports is increasing.
Sports such as cricket, football, kabaddi, tennis are attracting the attention of the audience. Enthusiasm is rising among the players lately.
Nepalese players are working hard to win the match in their favor. Their practice is also increasing a lot. Along with the excitement, there is also risk in the players while playing the game. Players also get injured while playing the game for various reasons. They suffer a lot of injuries. It costs a lot.
To protect athletes from financial losses due to injuries, sports insurance policies have been introduced.
Since the Nepal Insurance Authority approved sports insurance policies on Mangsir 13 last year, companies have been issuing these policies.
Insurers can also issue sports insurance policies for a period of 7 days. They will not issue policies for a period shorter than that.
Insurers must charge 10 percent of the annual insurance premium when issuing insurance policies for a period of 7 days. Similarly, for insurance policies from 8 to 30 days, 25 percent of the annual fee is charged, from 31 to 90 days, 40 percent, from 91 to 183 days, 60 percent, and from 184 to 365 days, 100 percent insurance fee is charged.
The authority has made arrangements that the insurance period of an insurance policy once issued cannot be extended.
Currently, insurers can issue insurance policies for 53 different sports. These sports have been classified into 3 categories: low risk, medium risk, and high risk.
According to the classification, the insurance premium rate for issuing insurance policies for players involved in low risk sports is Rs. 2 per thousand, for medium risk sports Rs. 2.50 per thousand, and for high risk sports Rs. 3.
