The Chief Executive Officer (CEO) of The Royal Insurance Corporation of Bhutan Mr Karma in a meeting with the press expressed gratitude towards Bhutan’s resilient COVID-19 response so far under His Majesty’s great leadership and the government’s efforts in ensuring that Bhutan did not have to undergo drastic troubled times like in many other nations.
Therefore, the CEO stated that in the interest of helping the nation as a corporate body, the institution wishes to extend a helping hand towards those people and firms who are having a tough time on continuing their insurance premium amounts.
He said that in a normal scenario, failure to continue to pay the insurance premium would result in people losing their insurance policies but for this one-time as a support to manage the COVID-19 situation the RICBL would like to provide two different options for continuing to pay their premium.
Under the category of Life Insurance Special Offer the first option is if a person makes upfront payment of delayed premiums a 10% discount will be provided. This would also overlook the requirement of submitting a Full Medical Report (FMR) until 31st December 2020.
The other option is where a person makes an upfront payment of 50 % of the delayed premium, and the other half can be paid over a period of 6 months also without having to submit FMR.
Both the options require the person to submit RICBL’s good health declaration form.
Other terms and conditions dictate that the scheme is applicable only for those policies which have lapsed for more than 6 months as on 30th of June 2020, since the last date of default.
It also states that customers availing the above options are not eligible to cancel their life insurance policies within two years of renewals.
Life insurance benefits shall be eligible only after 3 months of renewal, except under accidental demise and claims under concession period.
The other one-time scheme offer includes a 10% premium discount for fire and motor insurance renewals and for new fire and motor insurance proposals a premium discount of 40 % is provided.
Among these Generation Insurance special offer scheme there will also be an option to pay premium in two installments if the premium amount exceeds Nu 50,000.
He went on to say that in case a person is unable to pay even half the amount the RICB would not be able to help out in that situation since the risk matrix would not be favorable at all. He added “even considering this current offer RICBL had to put a lot of thought on it while not making profit”.
He mentioned that in a recent interview he was asked “what is there for RICBL?” and in response he stated that it is not the time to count.
He also said that the main objective of the scheme is to help people keep their policies.
In case of any further queries the CEO asked the public to visit the RICB office to understand the technical aspects of the policy.
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