RICB achieves another milestone

The Royal Insurance Corporation of Bhutan Limited (RICBL) has now extended its social security services outside the country to Bhutanese students under a new health insurance scheme.

The RICBL signed a memorandum of understanding (MoU) with the Royal Civil Service Commission (RCSC) on Thursday. With this, RICB shall insure all ex-country scholars managed by RCSC under the ‘student’s health insurance scheme’. Through the health insurance, RICB shall provide immediate medical services to the scholars through the network of more than 4,500 hospitals empanelled by RICB in India, Thailand and Sri Lanka.

RICB’s chief operating officer Namgyal Lhendup said the scheme will eventually contribute to reduce costs for the government such as expenses for patient referrals to hospitals outside the country.

On the same day, RICB also signed an MoU with the army welfare project (AWP) to insure all the project employees under a new life insurance scheme, ‘Ten-tsai Mangul Ngenchol’.

Setting an example to the rest, AWP becomes the first organization in the country to buy a life insurance policy for its employees. AWP initiated the deal as an employee welfare scheme.

The RICBL was incorporated on 7 January, 1975 under the Charter of His Majesty the fourth Druk Gyalpo Jigme Singye Wangchuck with a primary objective to meet the Insurance need of its Citizen as well as to actively participate in the economic development of the nation.

Today, the insurance company has 25 offices across the country providing multifaceted financial services including social security services through its various products.

The MoU documents were signed by the CEO of RICBL, managing director of AWP Rinchen Yoezer and RCSC commissioner Sangay Dorji at the RICB head office, here in the capital Thimphu.