NSLBSL Micro insurance:

1.Life and House Protection Scheme/Fund.

2. Loan Security Scheme/Fund.

Life and House Protection Scheme/Fund:

 NSLBSL  observed that most of the members and their family members suffers from various common diseases and spent a lot of money for medical treatment. In most cases they use money from their business or borrow from other source which makes their economic situation worse. Groups members asked to find some solution to address these common problems. We there for came up with the idea of forming a Fund Called Life and House Protection Fund with the joint contribution of NSLBSL and group member. The main purpose of the creation of the fund is to support group members and their family members in case of  maternity , death, accident etc.

Methodology:

NSLBSL uses its branch offices to implement micro insurance. NSLBSL reaches       its clients through its branch offices. In case of any claim of death, accident, delivery, natural disaster etc the clients inform the respective center manager who along with branch manager investigate the case. In every case groups/center recommendation is necessary to get the claim.At the same time the clients or his/her nominee has to produce necessary document. The branch manager authorized to pay the claim.

Premium:

Every member of a center has to Pay Rs.100 as premium per year. It is valid for one year only. After the completion of one year if the members do not deposit another premium of Rs.100 then they will not get the benefits.

Component/Benefits: 

NSLBSL’s Life & house Protection Scheme  has 6 components

1.Maternity Support.

2.Death

           2.1. Death of the Member.

           2.2.Death of Member’s husband.

           2.3.Death of family member due to lighting.

3.Natural disaster Support.

4.Scholarship support for client’s Children.

5.Accidental Treatment Support.

6. Family Planning Support.

*Amount paid in case of member/Member’s husband death, the support amount will increase Rs.300 per year.

*In case of scholarship support if the client’s children get more than 80%marks in 10+2 Level  examination, Rs.1500 for girl child and Rs. 1200 for boy and after that up to master level 60% Marks is necessary for getting Rs.1800 for girl and Rs.1440 for boy.

Loan Security Scheme/Fund:

NSLBSL   observe that after the death of  the client due to accident or by any reason it is very difficult for the family member      to repay the loan. As we disburse the loan on group guaranty the group member also unable to repay the loan of the deceased. The family members as well as the Groups members asked to find some solution to address this problem. We there for came up with the idea of forming a Fund Called Loan Security fund with the joint contribution of NSLBSL and group member. The main purpose of the creation of the fund is to support group members and their family members in case Members death. In order to get these benefits the nominee of the client has to produce death certificate and center recommendation letter. The member will contribute 1% of the disbursed loan amount and the remaining 90%is contributed by the Organization.

Benefits: 

  • In case of member’s death the remaining installment along with the interest will fully waived out.
  • The savings of the deceased will return to his/her the nominee.

Note: (The above mentioned Rs. denotes Nepali Rupees.)