According to the Royal Insurance Corporation of Bhutan Limited (RICBL), a significant number of life insurance policies have lapsed in the wake of the coronavirus pandemic. This means insurance holders were unable to pay their monthly premiums for six months or more. To protect those policyholders and as an interim measure, the RICBL has come up with two options for renewing the policies. They are offering a 10% discount on full payment of the delayed life insurance premium payment and the second option is to pay half of the delayed premium upfront and the remaining in the six months.
With the downturn of the country’s economy, a significant number of individuals could not continue with their insurance policies. To protect the insurance policies, the RICBL has come up with a one-time special insurance offer in response to the COVID-19 pandemic. The scheme is only applicable to those policies that have lapsed for more than six months as of June 30, 2020.
“People who have paid in the past are not able to continue with it because of the financial downturn owing to unemployment and other reasons. This will have a huge negative impact on those sincere insurance policyholders. This is why we are taking this one time risk to give them the chance to pay half upfront and the other half in the next 6 months so that they remain insured. Or if you are willing to pay the whole, a discount of 10% on the premium will be given,” said Karma, the Chief Executive Officer of the RICBL.
Unlike the normal procedures, the policyholders will not have to produce a medical report for renewing the policy. Other special offers include 10% premium discount for fire and motor insurance renewals, and up to 40% discount for new fire and motor insurance proposals. The offers are valid till the end of the year.
Tshering Dendup