10 Best Life Insurance Companies in the Nepal
Our rankings, ratings, and product reviews are unbiased. We do not rank or rate products or services based on our financial relationships with the companies that produce them.
Insurance companies in Nepal are regulated by Nepal Beema Pradhikaran (Nepal Insurance Authority), an arm of Nepal Government’s Ministry of Finance. As of November 2023, a total of 14 insurance companies are offering life insurance services.
There are ten ratings agencies you need to be aware of when you are evaluating the best life insurance companies in terms of overall financial health. Understanding the life insurance company ratings will help you make the tough decision on which one of the many life insurance companies available is going to be the right fit for you.
We researched and compared several key factors in choosing a life insurance company, such as price, policies, coverage, riders, the application process, the company’s financial strength, and customer satisfaction.
The ability of the company you choose to meet financial obligations and pay claims should be a vital ingredient that goes into your final decision making process. When evaluating a life insurance company’s financial strength, you will notice the financial ratings from the different ratings agencies vary.
Thinking about your own death may not be your favorite topic. But once you decide you need to buy life insurance, it’s worth spending a little more time making sure you are happy with the company you are buying it from.
We’ve got you covered with our list of the 10 Best Life Insurance Companies in the Nepal.
Nepal Life Insurance Company Limited – (NLIC)
Nepal Life, established under the Company Act 2053 and Insurance Act 2049 as a public limited company on 2058/01/21 (04/05/2001). Nepal Life is the foremost life insurance company established by private investors.
Being in the business of selling life insurance products it is performing the same job as the other insurers dealing with “Life Insurance”. However, Nepal Life Insurance Company has its own identity because of the mission and manner for which it is working.
The company is working with a time bound strategy to fulfill it’s vision of spreading message of insurance to every home and to contribute substantially in making Nepal an economically healthy and vibrant nation. Apart from spreading the network of branches all over Nepal the company plans to make a quantum jump in number of agents and to provide them adequate training for providing knowledge and skill, so that the company can reach and depth in the market.
The company is focusing on providing qualitative services of International Standard. Our ambition is to provide across the counter services in all its operations.
Visit WebsiteLife Insurance Corporation Nepal – (LICN)
Life Insurance Corporation (Nepal) Limited is one of the leading life insurance companies operating in Nepal since 2001. In accordance with Section 5 (Gha) of the Insurance Act 2079 issued “Actuarial Valuation Directory for Life Insurance Companies-2077, LIC (Nepal) Ltd. is seeking to appoint an actuarial consultant/firm in Nepal for providing end-to-end actuarial solution & services and valuation services.
Life Insurance Corporation Nepal Limited (shortly called as L.I.C. Nepal) is one of the largest capitalized insurance companies of Nepal. The journey of L.I.C. Nepal had its genesis in 2000 when global insurance behemoth, Life Insurance Corporation of India, joined hands with Vishal Group, a dominant player of Nepal.
55% of ownership of the Company is held by L.I.C. of India, 25% by Vishal Group and 20% by general public in the form of equity. This way the essence of L.I.C. Nepal can best be described by the word “Glocal” i.e. a unique combination of global experience with local expertise.
Life Insurance Corporation (Nepal) Limited having Registration No. 765-057/58, was incorporated under the Companies Act, 2053, on 27.12.2000. It has got the life insurance license from Insurance Board of Nepal (Beema Samiti) on 07.08.2001 and started operations from 01.09.2001.
Visit WebsiteMetLife Nepal – (MLN)
MetLife is a branch of MetLife, Inc. operating in Nepal since 5 December 2001. As the first foreign company to be granted an insurance license in Nepal, MetLife is one of the leading Life Insurance, Accident & Health Insurance and Employee Benefits insurers in the country, providing attractive insurance protection and benefits at a competitive price.
Our business centres around the heart of local communities, understanding their needs and providing them protection solutions through our network of professional agents and institutional partners. We have over 8,000 agents in Nepal who work hard to ensure each and every one of our customers find a plan perfectly suited to them.
Visit WebsiteIME Life Insurance Company Limited – (ILI)
Registered in Aswin 15, 2065 (October 01, 2008), IME Life Insurance started its operation from Bhadra 1, 2074 (August 17, 2017) offering a range of individual and group insurance solutions to meet the protection, saving, and investment needs of its customers.
The Company has an authorized capital of NPR 6 billion and paid up capital of NPR 5 billion. The promoters have contributed to 70% of paid up capital, i.e. NPR 3.5 billion, whereas the general public have contributed to 30% of paid up capital, i.e., NPR 1.5 billion.
IME Life Insurance was established with the vision of increasing awareness about life insurance, promoting financial security among the people of Nepal through life insurance products, and contributing to the nation’s development. The company has built a robust client base through agencies, corporate agencies, bancassurance, and direct channels nationwide.
IME life Insurance aims to build and expand strong and reliable network of branches all over Nepal, through vast array of strategic partners. We are committed to upgrade their skills and expertise via regular training to provide excellent service to our clients. This will aid in gaining market share and expansion of trustworthy ethical business network.
Visit WebsiteSuryaJyoti Life Insurance – (SJLIC)
SuryaJyoti Life emerged through Nepal’s first and historic merger between two successful life insurers, Surya Life Insurance Co. Ltd. and Jyoti Life Insurance Co. Ltd and commenced joint operations on Dec 22, 2022. The synergy generated and capitalized through the amalgamation has transformed SuryaJyoti Life into one of the largest life insurers in terms of Capital Base, Total Investments, Life Fund, Branch Outlets, Agency Network and Policyholders.
Surya Life with an operational history of over 15 years was one of the most successful companies of its generation. Over a decade and half, Surya Life aggressively expanded its distribution channel across Nepal and successfully acquired a healthy market share.
Jyoti Life insurance had been in the market for only 5 years yet established itself as one of the fastest growing life insurers with unique product offerings and created a robust operational foundation capable of both, processing higher business volumes and minimize associated risks.
SuryaJyoti now has 200+ full-fledged branches capable of rendering complete plethora of services to its policyholders and agents. The company is also ISO 9001:2015 certified thus adhering to international best practices for prudent management. SuryaJyoti has some of the unique product offerings in life insurance industry of Nepal and provides the most extensive Critical Illness Coverage covering 35 various critical illnesses for a coverage of up to Rs. 5 Million.
Visit WebsiteSanima Reliance Life Insurance – (SRLI)
Sanima Reliance Life Insurance, a public limited entity emerged through a merger between two dynamic life insurers, Sanima Life Insurance and Reliance Life Insurance, and commenced its joint operation from Chaitra 9, 2079 (March 23, 2023). The major promoter of the company are Sanima Bank and Siddhartha Bank, which are prominent A class commercial banks in Nepal.
Both life insurance company in Nepal have a successful history of over 7 years in the life insurance domain with a strong commitment to providing customer-centric products & services based on life protection and saving plans to meet different life stage requirements of their customers.
As a merged entity, Sanima Reliance Life Insurance will continue its legacy and uphold its brand heritage of need-based product innovation and customer-centric service, both for today and for the future.
Visit WebsiteAsian Life Insurance Company – (ALICL)
Asian Life Insurance Company Limited (ALICL) established under the Company Act 2053 on 27th February, 2008 ( Falgun 15, 2064) and started functioning on 3rd April, 2008 (Chaitra 21, 2064). The Authorized Capital of the Company is Rs. 5 billion with Rs. 3399.8 million paid up capital.(Promoter to Public Shareholding Ratio 51:49).
ALICL has a Life Funds of Rs. 41 billion (Chaitra end 2080-81). The member of the board of directors and other individual investors are leaders in other professions and business, such as banks, insurance companies, financial institutions, private enterprises etc.
Some investors are from reputed position holders of ex- government services. ALICL is serving the nation through its 132 branch network across the nation.
To develop and promote Asian Life Insurance company as a brand leader in the life insurance Industry of Nepal by offering flawless product and services that exceed customer satisfaction.
Visit WebsiteHimalayan Life Insurance Company – (HLI)
Himalayan Life Insurance Limited was established through the merger of three former life insurance companies: Prime Life Insurance Company Limited, Gurans Life Insurance Company Limited and Union Life Insurance Company Limited. The requisite approvals for the merger of these three companies were successfully secured from the Nepal Insurance Authority on April 26, 2023, the Nepal Securities Board on May 2, 2023 and the Office of Company Registrar on 3, May 2023.
Commencing its unified business operations under the banner ‘Himalayan Life Insurance Limited’ on May 9, 2023, the Company hold registration number 1003/063/64. Notably, Himalayan Life Insurance Company Has garnered substantial investments from distinguished business conglomerates, including Shankar Group, Golchha Group, Dugar Group, Gadia Group, Jagadamba Group and Neupane Group has also received contributions from various industrialists, traders, also esteemed individuals and organizations.
The Company stands with authorized Capital of the ten billion. As of the latest financial disclosure, the issued and paid-up capital of Himalayan Life Insurance Limited stands at NPR 8,020,383,602.00 (in words eight billion twenty million three hundred eighty three thousand six hundred and two).In compliance with the company’s share structure, the promoter groups hold 51 percent of the shares as a stake, while remaining 49 percent are diverse public inventors.
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