According to the Oxford Dictionary, insurance is “an arrangement by which a company or the state undertakes to provide a guarantee of compensation for specified loss, damage, illness, or death in return for the payment of a specified premium.”
Thus, insurance is a way of safety for any predictable or unpredictable probable loss. Insurance is beneficial because it provides security, an old-age pension, an investment or saving mechanism, and tax benefits. Some of the major insurance companies are listed in brief below.
Types of Insurance in Nepal
Life insurance: Life Insurance is the insurance against the risk associated with a person’s life. It is a way to reduce or manage risk. It provides financial protection in the event of a disaster. Life insurance offers financial support to the family of the deceased.
Non-life insurance: Non-life insurance covers losses brought on by various circumstances, including accidents, illnesses, fires, and other natural or artificial disasters.
Reinsurance: Reinsurance is stop-loss insurance. Reinsurance is the process through which insurers, through a specific arrangement, transfer sections of their risk portfolios to other parties to reduce the possibility that they may have to pay a significant liability due to an insurance claim.
List of 10 Insurance company in Nepal
American Life Insurance Company Limited (Met Life):
Phone: 01-5670166
Email: service-nepal@metlife.com.np
Website: https://www.metlife.com.np/en/
Asian Life Insurance Company Limited
Phone: 01-4410115
Email: asianlife@asianlife.com.np
Website: https://www.asianlife.com.np/
Gurans Life Insurance Company Limited
Phone: 1660-01-44400
Email: info@guranslife.com
Website: https://guranslife.com/
Jyoti Life Insurance Company Limited
Phone: 01-4445941/42
Email: info@jyotilife.com
Website: https://jyotilife.com/?lang=np
IME Life Insurance Company Limited
Phone: 01-4024071
Email: info@imelifeinsurance.com
Website: https://imelifeinsurance.com/Home.aspx
Life Insurance Corporation(Nepal) Limited
Phone: 01-4012613/14
Email: liccorporate@licnepal.com.np
Website: http://www.licnepal.com.np/
Mahalaxmi Life Insurance Company Limited
Phone: 01-4445740/41/42
Email: info@mahalaxmilife.com
Website: https://mahalaxmilife.com.np/
National Life Insurance Company Limited
Phone: 01-4414799
Email: nlgilife@mail.com.np
Website: https://nationallife.com.np/
Nepal Life Insurance Company Limited
Phone: 01-4169082/83
Email: info@nepallife.com.np
Website: http://nepallife.com.np/en/home
Reliance Life Insurance Limited
Phone: 01-4787224/225
Email: contact.center@relifeinsurance.com
Website: https://relifeinsurance.com/en/home/
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