Liberty Micro Life Insurance Officially Launched in Pokhara to Expand Micro Life Insurance Reach

Liberty Micro Life Insurance Limited, a key player in Nepal's micro life insurance initiative, was officially launched on December 6, 2080, in Pokhara. The inauguration ceremony, presided over by Mr. Surya Prasad Silwal, Chairman of Nepal Insurance Authority, marked a significant milestone for the company.

Liberty Micro Life Insurance obtained registration at the company registrar's office on 17th Poush, 2079 and received its micro life insurance business license from Nepal Insurance Authority on Bhadra 1, 2080. The company also secured business operation approval on 19 Ashwin 2080.

During the event, Chairman Surya Prasad Silwal, also the Chief Guest of the Working Committee, granted approval for the small life insurance company to broaden its micro life insurance coverage. The emphasis was on reaching people of all classes, especially the economically disadvantaged, with a commitment to promptly process life insurance claims to enhance public trust in insurance services.

Mr. Raju Raman Paudel, Executive Director of Nepal Insurance Authority, stressed the importance of leveraging digital platforms, specifically mobile applications, to enhance the reach and effectiveness of micro life insurance services.

Mr. Ram Kumar Yadav, CEO of Liberty Micro Life Insurance, highlighted the company's authorized capital of 1 arba and shared that Rs. 52.50 crores came from promoters, with an additional Rs. 22.50 crores to be issued through future IPOs, making the total capital Rs. 75 crores. The company has introduced two insurance plans, namely the Samriddha Kavach Myadi Life Insurance Plan and Samriddha Future Term Life Insurance Plan.

To expand the reach of micro life insurance, Liberty Micro Life Insurance plans to recruit new agents and establish regional offices, branch offices, and sub-branch offices nationwide. Mr. Yadav emphasized coordination with local governments and authorities to accelerate the development of micro life insurance, particularly in Gandaki province.

Special guests at the event included Mr. Keshav Prasad Dahal, Gandaki State Head of Nepal Insurance Authority, Mr. Poshak Raj Paudel, President of Nepal Life Insurance Association, Mr. Purna Bahadur Gurung, Chairman of Pokhara Municipal Corporation Ward No. 27, and other distinguished personalities from the insurance sector and local governance.

President of Liberty Micro Life Insurance, Mr. Nicholas Pandey, concluded the event by expressing the company's commitment to making insurance accessible to the general public, prioritizing social entrepreneurship over profit, and adhering to the regulations set by Nepal Insurance Authority.