Six-month waiver on insurance premiums and policy loan interest for flood victims
The Nepal Insurance Authority has directed insurance companies to provide a six-month grace period on premium payments and waive interest on policy loans for insured individuals affected and displaced by the severe flooding in the Bhotekoshi River in Rasuwa. To avail this facility, affected persons must submit a recommendation from the local level, police office, or the National Disaster Risk Reduction and Management Authority.
Kathmandu. The Nepal Insurance Authority has directed insurance companies to waive interest on insurance for up to six months for insured individuals affected and displaced by the severe flooding in the Bhotekoshi River in Rasuwa.
The Authority has also instructed to extend the grace period for renewal premium payments by an additional six months. According to the Authority, if insurance-related documents have been destroyed by insurance companies, the concerned insured persons and guardians are directed to assist the insurer in obtaining and updating the document details.
In cases where the insured cannot pay the regular installments of premium or policy loans due to the policy document not being available, the Authority has directed to extend the grace period for up to six months without interest.
To avail this concession, the concerned insured person or their family member must submit any one of the following recommendations:
- Recommendation from the local level
- Recommendation from the police office
- Recommendation from the National Disaster Risk Reduction and Management Authority
If the policy document is lost or destroyed, the insurer must provide a copy of the policy free of cost.
The floods and landslides that started from Bhotekoshi in Rasuwa and spread through Trishuli to Narayani River have affected the general public in five districts: Rasuwa, Nuwakot, Dhading, Chitwan, and Gorkha.
More than 13,396 people who were stranded due to road disruptions caused by the floods were rescued. Among them were 300 foreign nationals. Similarly, 3 people, including two from the tunnel of Trishuli Hydropower Project 3 and one Chinese national from the tunnel of Trishuli Hydropower Project 1, were rescued alive.
According to the National Disaster Risk Reduction and Management Authority, 5,000 people are still missing, including 600 from 35 countries. The bodies of 1,355 people who were swept away by the floods and landslides have been recovered from the affected areas.