Children may become eligible for the Rural Life Insurance Scheme from the date of their census registration. The National Council unanimously adopted this recommendation today. Currently, the scheme covers children aged eight years and above. The house adopted the review report on the Rural Life Insurance Scheme along with six key recommendations.
The Chairperson of the Good Governance Committee informed the house that the committee agreed to extend life insurance coverage to children from the date of their census registration, following an internal meeting. In previous deliberations, the house was unable to reach a consensus on the exact age at which a child should be insured.
The house adopted six recommendations, five from the committee and one new recommendation from the house.
The new recommendation calls for the need to reinstate Royal Insurance Corporation, RICBL’s Drukyul Life Insurance. The Chairperson of the house said that the scheme has greatly benefited policyholders by providing financial security during times of need adding that its suspension in April last year has caused confusion and concern.
The RICBL launched the Drukyul Life Insurance Policy in 2023, covering individuals aged five and above. It offered financial protection through a renewable annual term. While it attracted thousands of members and collected premiums accordingly, the scheme faced significant financial strain due to high death claims. As a result, it incurred heavy losses and was suspended in April last year.
All 23 members present during the session voted in favour of reinstating the policy.
The report, along with the recommendations, will be submitted to the government for the necessary action.
Tashi Dekar
Edited by Phub Gyem