In order to systematize the Corona Insurance in Nepal, insurance regulatory authority, Beema Samiti, has updated the criteria in the insurance policy.
According to the recent update, Nepali citizens who return to Nepal cannot buy a Corona Insurance Policy immediately. The update now requires them to stay in quarantine for the first 15 days and then at home-isolation with their family for another 15 days to be eligible for the insurance policy. These 30 days of standard quarantine and isolation will have to be proved by the local level government.
The policy will be invalid if the insured goes to India or any other country during the insurance timeframe. However, once they return and stay in quarantine for 15 days, the policy will again be valid if their PCR test comes out negative. The insured should inform the insurer if they are going to leave the country for any reason whatsoever.
Furthermore, the insurance company must pay the insured within 7 days of receiving the claim of Coronavirus infection. Earlier, the insurer was required to pay within two days.
Meanwhile, the insurance premium has been kept as it is. It costs Rs 1,000 to insure the policy of Rs. 1 lakh for an individual and Rs 600 for a group. It costs Rs 500 to insure the policy of Rs. 50,000 for an individual and Rs 300 for a group. There are currently 20 insurance companies selling Corona Insurance in Nepal.
The revised stringent criteria are seen as Beema Samiti's way to make the insurance instrument less prone to rising pandemic cases.