The Bhutanese Leading the way.
The Royal Insurance Corporation of Bhutan (RICBL) is offering additional designed products with complete coverage terms and conditions, including benefits designed to insure its customers.
RICBL currently has about 30 schemes and services.
With an array of attractive products in its kitty, the RICBL believes their new products will cover almost all areas of insurance benefits.
The General Manger of the General Insurance Department (GID) at RICBL, Wangchuk Namgyel said the company has immediate products that are ready to hit the market.
Firstly, there is a Flight Coupon Insurance, which has already been developed and on the verge of launch, the scheme only wait is for directives from the Royal Monetary Authority.
This product will give insurance at nominal premium, it is something like a coupon system that could come between Nu 100,000 or even more.
The Tour Operator liability Insurance, this insurance offers exclusive, systematic general and professional liability coverage designed for tour facilitators, where its coverage will include all tourism related activities.
Wangchuk Namgyel said, with many tourists coming into the country the liability to the tour operators were huge and this was one good way to insure. Currently, the RICB is doing a market assessment on the liability insurance.
The insurance scheme for Loss of Revenue of Products will provide protection against the risks of loss, and this would apply to firms, hotels, and colleges amongst others, where the revenue invested is huge.
The RICBL’s Professional Indemnity Policy will help protect professional advice and service-providing individuals and companies from bearing the full cost of its activities. The coverage will focus on alleged failure to perform on the part of financial loss caused by an error service, or product sold by the other party.
The revamped Health Insurance Policy will be introduced with an additional product.
RICBL will also put-up a proposal to the education ministry for the students acquiring government scholarships abroad to avail such health insurances.
The Transport Coupon, which is still at a draft stage, will be provided at the bus station counter for life safety while travelling on the road.
The RICB has already started the Long Term Insurance Policy for people to have a hassle-free life, this insurance will cover a diverse range of insurance products, including life, and income protection policies amongst others.
One example cited by the GM was, people who want to buy luxury cars will have their premium made standard in regard to customer’s comfort, like as to how many break-ups of the installment payment can be made.
“Our target is for the products to be in the market by this year,” said the GM.
The Rural Insurance scheme will be commercialized by 1 January 2013.
