Nepal Offers 50% Subsidy on ‘COVID-19 Family Insurance Plan’!

However, the insurance charge is completely waived for the government officials.

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Nepal Offers 50% Subsidy on ‘COVID-19 Family Insurance Plan’!

In a bid to alleviate the financial burden on the people, the Nepali Government has decided to provide a 50% subsidy on the family insurance plan against COVID-19.

However, people opting for the ‘COVID-19 Insurance Scheme‘ must fulfill the conditions maintained by the ‘Corona Insurance Standard 2020’ to receive the subsidy.

Issuing the standards on August 5, the Nepal Insurance Board (NIB) has come up with the provision to give respite to the individuals amid the crisis.

“The scheme is expected to be relevant at a time when almost all the regions of the country are at serious risk of coronavirus spread,” said NIB Chairman Chiranjibi Chapagain.

While the general public has to pay half of the insurance fee, the insurance charge is completely waived for the government officials.

Though, the government subsidy is not applicable to the ‘Individual Insurance Plan.’

“The government subsidy is applicable only if the entire family of the person purchases the insurance policy, which needs to be approved by the local bodies,” said Chapagain.

The ‘COVID-19 Insurance Scheme in Nepal’ is as follows-

Category A:

Insurance Amount	Insurance Charge
Insurance Amount	Individual Insurance Plan	Family Insurance Plan
NPR 100,000 per person	NPR 1,000 per person	NPR 600 per person

Category B:

Insurance Amount	Insurance Charge
Insurance Amount	Individual Insurance Plan	Family Insurance Plan
NPR 50,000 per person	NPR 500 per person	NPR 300 per person

‘Nepal COVID-19 Insurance Scheme’ Conditions

The policy will be discontinued if the insured person goes abroad within the policy validity period
If the foreign returnees want to continue with the previous policy, they must be declared free from COVID-19 through a Polymerase Chain Reaction (PCR) test report after 15 days of their return
Returnees from India or any third countries must stay in isolation for 30 days (15 days in quarantine center and 15 days at home) to be eligible for the insurance policy
Insurers must settle the insurance coverage within seven days from the date of being declared as a COVID-19 patient via the PCR test
In case, if the patient dies before receiving the insurance coverage, the nominee will get the insured amount

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