Citizen Life Insurance Company joins NCHL; all payment associated with life insurance to take place in real-time automation now

Citizen Life Insurance Company Ltd. has signed an agreement with Nepal Clearing House Ltd. (NCHL) for automating its various payments related process, including disbursements and collections, through NCHL payment systems. The agreement was signed by Mr. Poshak Raj Paudel, CEO of Citizen Life Insurance Ltd. and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.

With this, Citizen Life will directly integrate its system(s) with NCHL-IPS and connectIPS e-Payment systems enabling the insurance company to process the disbursements, like agent commission, salary payment, vendor payments and investment placements. Once the system comes into operations, the policy holders of Citizen Life will also be able to pay their premium online through connectIPS e-Payment or any of the bank branches. All such transactions will be processed directly through the bank accounts of the insurance company and the beneficiaries/ customers.

Citizen Life Insurance is one of the growing life insurance company in Nepal promoted by Kantipur Media Group, Shikhar Insurance, reputed Aviation Industries, successful bankers, and several other investors from different industries. And it believes that this partnership with NCHL will help extend its presence in the insurance products delivered through various digital channels.

NCHL is promoted by Nepal Rastra Bank, banks and financial institutions (BFIs) and Smart Choice Technology Ltd. to establish multiple national payment systems in Nepal. Its NCHL-ECC, NCHL-IPS and connectIPS e-Payment systems are currently in operations with participation of almost all the BFIs. NCHL has also been providing access to its payments infrastructures to various non-bank institutions like insurance, remittance, merchant banks, PSPs, PSOs, Government & Semi-Government entities and others as indirect/ technical members.