Insurance companies have introduced various plans to encourage the general public to invest in insurance. In particular, life insurance companies have been launching different types of insurance schemes to expand their business. These plans are primarily aimed at attracting the public to life insurance.
Insurance companies are especially focusing on offering attractive bonus rates. Due to the growing competition in the industry, companies are compelled to introduce new plans and competitive bonus rates. Currently, the competition among insurance companies is intensifying.
As of now, 13 life insurance companies have announced their bonus rates. These companies have disclosed their bonus rates for the fiscal year 2079/80 (Nepali calendar) after completing financial assessments and actuarial evaluations, which have been approved by the Nepal Insurance Authority.
Each year, insurance companies must determine the bonus rate based on factors such as profit, the number of insurance policies, policy lapses, and potential risks. The bonus rate is calculated per thousand rupees.
Bonus rates may vary depending on the insurance policy and the duration of the insurance. According to the published data, companies have set bonus rates ranging from a minimum of NPR 19 to a maximum of NPR 90.
Surya Jyoti Life Insurance has offered the highest bonus rate compared to other companies, with a minimum of NPR 20 and a maximum of NPR 90. The company has set different bonus rates according to the duration of various policies.
Similarly, Sanima Reliance, formed by the merger of the former Sanima Life and Reliance Life, has also determined its bonus rates. This company has set bonus rates ranging from NPR 19 to NPR 75 across various policies. Other companies have also published their bonus rates based on their individual financial positions and market strategies. Higher bonus rates benefit the policyholders more.
Let’s take a look at the bonus rates of various companies.
What is a Bonus Rate?
The bonus rate is the return that life insurance companies provide per thousand rupees of the insured amount every year. Policyholders receive this bonus as a lump sum after the insurance term ends. To calculate the bonus, the total insured amount is divided by 1,000, and the resulting figure is multiplied by the announced bonus rate. Bonus rates can vary each year.
The bonus is distributed from the surplus amount remaining after deducting the company’s liabilities from all the capital sources available. The bonus rate is not affected by the premiums paid by policyholders. After an actuarial audit of the company, the bonus.
Data from Nepali Paisa
Life Insurance Bonus Rates
| Name | Bonus Rate Rs. |
|---|---|
| Nepal Life Insurance | 50 to 85 |
| National Life Insurance | 63 to 85 |
| Life Insurance Corporation Nepal | 40 to 64 |
| SuryaJyoti Life Insurance | 20 to 90 |
| Asian Life Insurance | 42 to 75 |
| Prabhu Mahalaxmi Life Insurance | 20 to 70 |
| Sanima Reliance Life Insurance | 19 to 75 |
| IME Life Insurance | 22 to 80 |
| Reliable Nepal Life Insurance | 20 to 75 |
| Sun Nepal Life Insurance | 25 to 75 |
| Metlife Insurance | 45 to 80 |
| Rastriya Jeevan Beema Company | 60 |
| Citizen Life Insurance Company | 25 to 77 |
<div class="container">
<h1>Life Insurance Bonus Rates</h1>
<table id="insuranceTable">
<thead>
<tr>
<th>Name</th>
<th>Bonus Rate Rs.</th>
</tr>
</thead>
<tbody>
<tr><td>Nepal Life Insurance</td><td>50 to 85</td></tr>
<tr><td>National Life Insurance</td><td>63 to 85</td></tr>
<tr><td>Life Insurance Corporation Nepal</td><td>40 to 64</td></tr>
<tr><td>SuryaJyoti Life Insurance</td><td>20 to 90</td></tr>
<tr><td>Asian Life Insurance</td><td>42 to 75</td></tr>
<tr><td>Prabhu Mahalaxmi Life Insurance</td><td>20 to 70</td></tr>
<tr><td>Sanima Reliance Life Insurance</td><td>19 to 75</td></tr>
<tr><td>IME Life Insurance</td><td>22 to 80</td></tr>
<tr><td>Reliable Nepal Life Insurance</td><td>20 to 75</td></tr>
<tr><td>Sun Nepal Life Insurance</td><td>25 to 75</td></tr>
<tr><td>Metlife Insurance</td><td>45 to 80</td></tr>
<tr><td>Rastriya Jeevan Beema Company</td><td>60</td></tr>
<tr><td>Citizen Life Insurance Company</td><td>25 to 77</td></tr>
</tbody>
</table>
<div class="btn-container">
<button class="btn" onclick="downloadCSV()">Download CSV</button>
<button class="btn" onclick="downloadJPEG()">Download JPEG</button>
<button class="btn" onclick="downloadPNG()">Download PNG</button>
<button class="btn" onclick="downloadHTML()">Download HTML</button>
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<script>
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