Top 10 Life Insurance Companies in Nepal in 2023

Insurance companies in Nepal are regulated by the Beema Samiti, also known as the Insurance Board. The Beema Samiti is responsible for supervising and regulating the activities of insurance companies operating in Nepal. It ensures that these companies comply with the established rules and regulations to protect the interests of policyholders and maintain the stability of the insurance market.

There are 14 life insurance companies, 14 non-life insurance companies, 2 reinsurance and 4 microinsurance Companies in Nepal. Few life insurance companies are listed in NEPSE.

List of 14 life insurance companies in Nepal

1. Rastriya Beema Sansthan
2. National Life Insurance Company Limited
3. Nepal Life Insurance Company Limited
4. Life Insurance Corporation (Nepal) Limited
5. MetLife (ALICO)
6. SuryaJyoti Life Insurance Company Limited
7. Himalayan Life Insurance Limited
8. Asian Life Insurance Company Limited
9. IME Life Insurance Company Limited
10. Reliable Nepal Life Insurance Company Limited
11. Sanima Reliance Life Insurance Limited
12. Citizen Life Insurance Limited
13. Sun Nepal Life Insurance Company Limited
14. Prabhu Mahalaxmi Life Insurance Limited

Insurance Companies Merged

Like massive Bank merge in Nepal, insurance companies went through merger process to reach the new paid-up capital requirement of NRs.5 Arba (NRs. 5 Billion).

Formation of SuryaJyoti Life Insurance Company Limited: Surya Life Insurance Company Limited + Jyoti Life Insurance Company Limited.

Formation of Sanima Reliance Life Insurance Limited: Sanima Life Insurance Limited + Reliance Life Insurance Limited.

Formation of Himalayan Life Insurance Limited: Union + Prime + Gurans Life Insurance Company Limited.

Formation of Prabhu Mahalaxmi Life Insurance Limited: Prabhu + Mahalaxmi Life Insurance Company Limited.

List of Non-life insurance companies in Nepal

1. Nepal Insurance Company Limited
2. The Oriental Insurance Company Limited
3. National Insurance Company Limited
4. Himalayan Everest Insurance Company Limited
5. United Ajod Insurance Company Limited
6. Neco Insurance Limited
7. Sagarmatha Lumbini Insurance Company Limited
8. Prabhu Insurance Limited
9. IGI Prudential Insurance Limited
10. Shikhar Insurance Company Limited
11. NLG Insurance Limited
12. Siddhartha Premier Insurance Limited
13. Rastriya Beema Company Limited
14. Sanima GIC Insurance Limited

Like massive Bank merge in Nepal, Non-life insurance companies went through a merger process to meet the new paid-up capital requirement of NRs.2.5 Arba (NRs. 2.5 Billion).

1. Formation of Himalayan Everest Insurance Company Limited: Himalayan Insurance Company Limited and Everest Insurance Company Limited merged to form Himalayan Everest Insurance Company Limited.
2. Formation of Sanima GIC Insurance Company: Sanima Insurance Company Limited and General Insurance Company Limited merged to form Sanima GIC Insurance Company.
3. Formation of Siddhartha Premier Insurance Limited: Siddhartha Insurance Limited and Premier Insurance Company Limited (Nepal) merged to form Siddhartha Premier Insurance Limited.
4. Formation of Sagarmatha Lumbini Insurance Company Limited: Sagarmatha and Lumbini Insurance Company Limited merged to form Sagarmatha Lumbini Insurance Company Limited.
5. Formation of IGI Prudential Insurance Limited: IME General Insurance Limited and Prudential Insurance Company Limited merged to form IGI Prudential Insurance Limited.
6. Formation of United Ajod Insurance Company Limited: United Insurance Company (Nepal) Limited and Ajod Insurance Company Limited merged to form United Ajod Insurance Company Limited.

List of Reinsurance and Microinsurance companies in Nepal

Reinsurance Companies	Microinsurance Companies
Nepal Reinsurance Company Limited	Crest Micro Life Insurance Limited
Himalayan Reinsurance Company Limited	Guardian Micro Life Insurance Limited
	Nepal Micro Insurance Company Limited
	Protective Micro Insurance Limited

Rastriya Beema Sansthan

One of the significant players in the insurance industry in Nepal is the Rastriya Beema Sansthan, which is a government-owned insurance company. It offers a wide range of insurance products and services, including life insurance, general insurance, and health insurance. Rastriya Beema Sansthan holds a significant market share in the insurance industry due to its long-standing presence and reputation for providing reliable insurance solutions. It plays a crucial role in providing insurance coverage to individuals, businesses, and various sectors of the economy. Furthermore, Rastriya Beema Sansthan contributes to the overall development of the insurance industry in Nepal and also participates in social welfare activities, thus benefiting the society as a whole. 

Nepal Life Insurance

Nepal Life Insurance Company Limited is one of the leading insurance companies in Nepal. Established in 1988, it has been providing reliable and efficient insurance services to the people of Nepal for over three decades. The company offers various insurance products including life insurance, endowment plans, whole life plans, and term insurance policies. Nepal Life Insurance aims to provide financial security and peace of mind to its customers by offering a wide range of insurance solutions tailored to the specific needs and requirements of individuals and families. With a strong network of branches and agents across the country, the company ensures easy accessibility to its services and prompt settlement of claims. Nepal Life Insurance has also been actively involved in corporate social responsibility initiatives, contributing to the welfare and development of the society. The company’s commitment to excellence, professionalism, and customer satisfaction has made it a trusted name in the insurance industry in Nepal. Whether it is securing the future of loved ones or planning for retirement, Nepal Life Insurance is dedicated to helping its customers achieve their financial goals and protecting their interests. 

Citizen Life Insurance Nepal

Citizen Life Insurance Nepal is one of the leading life insurance companies in Nepal. Established in 2001, it has been providing a range of life insurance products and services to meet the diverse needs of its customers. The company believes in ensuring financial security and peace of mind for individuals and families. With a strong focus on customer satisfaction, Citizen Life Insurance Nepal offers innovative and customized insurance solutions to cater to the specific requirements of its policyholders. It has a wide network of branches across the country, making it easily accessible for customers. The company is known for its customer-centric approach and prompt claim settlement process. It has a dedicated team of professionals who are committed to providing the best possible service and support to its customers. Citizen Life Insurance Nepal also actively participates in various corporate social responsibility activities, contributing to the welfare and development of society. With its strong presence in the insurance industry, Citizen Life Insurance Nepal has gained the trust and confidence of its customers over the years.

Shikhar Insurance Company

Shikhar Insurance Company is one of the leading insurance companies in Nepal. Established in 2001, it has gained a strong reputation in the industry for providing reliable and efficient insurance services. The company offers a wide range of insurance products in various categories including life insurance, auto insurance, health insurance, and travel insurance. With a dedicated team of professionals, Shikhar Insurance Company strives to meet the diverse needs of its customers and provide them with the best possible insurance solutions. The company also values customer satisfaction and has a strong focus on delivering exceptional customer service. It has a user-friendly online portal that allows customers to easily access and manage their insurance policies. Shikhar Insurance Company is known for its financial stability and has a robust network of partner hospitals and service providers to ensure prompt and hassle-free claim settlements. With its strong market presence and commitment to excellence, Shikhar Insurance Company has become a trusted name in the insurance industry in Nepal.

Asian Life Insurance Nepal

Asian Life Insurance Nepal, established in 2009, is a leading life insurance company in Nepal. It is a joint venture between Asian Life Insurance Company Limited, Nepal, and Ceylinco Life Insurance Limited, Sri Lanka. The company offers a wide range of insurance products and services to cater to the diverse needs of individuals and families. With a strong network of branches across the country, Asian Life Insurance Nepal has made insurance accessible to people from all walks of life. The company emphasizes customer satisfaction and provides excellent customer service, making it a trusted choice for many. Asian Life Insurance Nepal offers various types of policies, including endowment plans, money-back plans, term insurance plans, and whole life plans. These policies provide financial security and protection to policyholders and their loved ones. The company also offers innovative products like child education plans, retirement plans, and health insurance plans, ensuring comprehensive coverage for individuals at different stages of life. With its commitment to delivering superior value and protection, Asian Life Insurance Nepal continues to be a leading player in the insurance industry in Nepal.

NECO Insurance Nepal

NECO Insurance Nepal, established in 1994, is one of the leading insurance companies in the country. With a strong focus on customer satisfaction, NECO offers a wide range of insurance products and services to meet the diverse needs of individuals and businesses. The company provides insurance coverage in various sectors including motor, fire, marine, engineering, liability, and health. NECO Insurance aims to provide reliable and efficient insurance solutions to its customers, ensuring their financial security and peace of mind. The company has a team of experienced professionals who are committed to delivering high-quality services and personalized attention to each client. Additionally, NECO Insurance has a strong network of branches and agents spread across the country, making it easily accessible to customers. The company has also embraced technology and offers online services, making it convenient for customers to purchase policies and make claims. NECO Insurance Nepal has built a strong reputation in the insurance industry and continues to strive towards excellence, innovation, and growth. With its strong financial stability and customer-centric approach, NECO Insurance is a trusted choice for insurance needs in Nepal.

General Insurance Company Nepal

General Insurance Company Nepal (GICN) is one of the leading insurance companies in Nepal. Established in 1994, the company has been providing a wide range of insurance products and services to its customers. GICN offers various types of general insurance, including motor insurance, fire insurance, travel insurance, home insurance, and marine insurance, among others. The company has a strong presence in the Nepalese market and is known for its customer-centric approach and efficient claim settlement process. GICN is committed to serving its customers with integrity and professionalism. The company aims to understand the unique needs of its customers and provide them with tailored insurance solutions that meet their requirements. GICN believes in building long-term relationships with its customers and strives to exceed their expectations. With a team of experienced professionals and a strong financial position, GICN is well-equipped to handle any insurance requirements and risks. The company’s dedication to excellence and customer satisfaction has helped it earn a trusted reputation in the industry. GICN continues to innovate and evolve its products and services to stay ahead in the competitive insurance market in Nepal.

Sun Nepal Life Insurance

Sun Nepal Life Insurance is a leading insurance company in Nepal. With a strong commitment to providing financial security and protection to its customers, Sun Nepal Life has been serving the people for over a decade. The company offers a wide range of insurance products and services, including life insurance, health insurance, and investment plans. Their life insurance policies are designed to meet the diverse needs of individuals and provide them with comprehensive coverage. Additionally, Sun Nepal Life Insurance has a dedicated team of professionals who are knowledgeable and experienced in the insurance industry. They provide personalized solutions and assistance to their customers, ensuring that they make informed decisions about their insurance needs. Sun Nepal Life also has a strong presence in the digital space, making it easier for customers to access their policies and services online. The company is committed to innovation and regularly introduces new products and initiatives to cater to the changing needs of its customers. With a strong focus on customer satisfaction, Sun Nepal Life Insurance has established itself as a trusted and reliable insurance provider in Nepal.

Nepal Reinsurance Company Limited

Nepal Reinsurance Company Limited, also known as Nepal Re, is the first reinsurance company in Nepal. Established in 2017, it is a joint venture between the Government of Nepal and various insurance companies in the country. Nepal Re was formed to enhance the capacity and capability of the domestic insurance industry by providing reinsurance solutions. The company is governed by a board of directors, with representatives from both the government and the private sector. Nepal Re offers various reinsurance products, including treaty and facultative reinsurance, to insurance companies in Nepal, helping them manage risk effectively. The company follows best practices in risk management and underwriting, ensuring a strong and sustainable reinsurance market in the country. Nepal Re is committed to supporting the growth and development of the insurance industry in Nepal, by providing reliable and cost-effective reinsurance services. It aims to maintain a strong financial position to meet the reinsurance needs of its clients. With its focus on professionalism, technical expertise, and customer satisfaction, Nepal Re has become a trusted partner of the insurance industry in Nepal.

National Life Insurance Company Nepal

National Life Insurance Company Nepal (NLIC) is one of the leading insurance companies in Nepal. Established in 1988, NLIC has been providing a wide range of life insurance products and services to its customers for over three decades. The company is known for its strong financial performance and customer-centric approach, making it trusted and respected in the insurance industry. NLIC offers various types of life insurance policies, including endowment plans, term insurance plans, pension plans, and children’s plans, catering to the diverse needs and requirements of individuals and families. With a network of branches spread across the country, NLIC ensures easy access to its products and services for its customers. The company has also embraced technological advancements and offers online services, allowing customers to manage their policies conveniently. NLIC takes pride in its ethical business practices, transparent operations, and quick claim settlement process, which has contributed to its strong customer base and reputation. As a responsible corporate citizen, NLIC is actively involved in various social and environmental initiatives, focusing on education, health, and environmental conservation. With its commitment to excellence, NLIC continues to play a vital role in securing the future of Nepalese individuals and families through its reliable life insurance products and services.

Frequently Asked Questions