Reliable Nepal Life Insurance joins NCHL online payment platform; becomes pioneer life insurance party to automate its payments through NCHL’s gateway

Reliable Nepal Life Insurance Ltd.has signed an agreement with Nepal Clearing House Ltd. (NCHL) as the first life insurance company for automating its various payments related process,including disbursements and collections, through NCHL payment systems. The agreement was signed by Mr. Narayan Babu Lohani, CEO of Reliable Nepal Life Insurance Ltd. and Mr. Neelesh Man Singh Pradhan, CEO of NCHL.

With this, the insurance company will directly integrate its system 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 Reliable Nepal Life Insurance will be able to pay their premium online through connectIPS e-Payment or any of the 5,000+ bank branches. All such transactions will be processed directly through the bank accounts of the insurance company and the beneficiaries/ customers.

Reliable Nepal Life Insurance Ltd. is promoted by the well-known group of economists, industrialists, bankers and reputed professionals and is in operations since 2074. It offers unique insurance products and services with leverage on cutting edge technology. And it believes that this partnership with NCHL will help extend its presence in the digital insurance products as well.

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. ItsconnectIPS e-Payment and NCHL-IPS systems currently have been subscribed by 56 Banks and 76 BFIs respectively as its members.