First insurance policy on sports launched
The Royal Insurance Corporation of Bhutan (RICB) launched five policies of which Dhatsip Ngen-Sung LeyChar policy being the first sport insurance policy in Bhutan in the country last Tuesday. The policy is a comprehensive package policy for individuals and teams taking part in archery tournament within the country.
The policy has three sections, which includes coverage for personal accident & hospitalization expense of the insured, third party compensation (Tong, gSo-sMen & property damages) and evacuation cover to both insured and third party individuals whilst playing archery but in a tournament only. The insured can opt plans with its Daya, Karey, Gorthey Dobjey &Chonda category depending upon affordability.
According to RICBL, the policy is only for those archers who are not below 18 years of age and who are accidentally hit by arrow while playing archery tournament, leaving visible mark of injury or damages. The term for annual renewable policy is one year and tournament policy is for the duration of the game. The franchise limits Nu. 1,000/- is applicable to all sections and is only for archers residing in Bhutan.
The other four policies include the endowment plan for senior citizens - with guaranteed additions, Double cover endowment plan - without profit”, Loan care insurance policy, and the Hoteliers & Restaurant insurance policy.
The endowment plan for senior citizens - with guaranteed additions is special policy designed for senior citizens aged 55-70 years old. Targeted for elder people on the verge of retirement age or already retired, both civil servants and employees of business corporations can earn fixed income through guaranteed addition and return of sum assured upon maturity of the policy.
The double cover endowment plan - without profit is a life insurance policy, which offers double the sum assured upon maturity of the policy term along with a fixed income earned through guaranteed additions. Individuals between the ages of 18-65 years can avail this policy.
The loan care insurance policy is an insurance policy to protect the borrower of any financial institutions against the risk of death, disablement, sickness or loss of employment. This policy enables family members of the borrower to liquidate the outstanding loan amount in an event of the above unfortunate circumstances to ensure the sustenance of the surviving family members.
The last one is the hoteliers and restaurants package policy which is a comprehensive policy tailored to the specific needs of the hotel industry offering value through competitive pricing. It is an insurance policy that can address core risk requirements and deliver the best cover for the best price.
As an insurance provider, the RICB plays a significant role in the financial sector and in socio-economic development of the country. RICB provides multifaceted financial services including social security services through its 25 branch offices, one regional office and the head office located in Thimphu.
Since its establishment in 1975, the RICB offers more than 35 Non-Life Products, 24 Life Products and 15 Loan portfolios besides managing Private Provident Fund, Group Insurance Scheme, Group saving cum Linked insurance and Life Annuity Scheme.
These policies were launched to commemorate the 60th Birth Anniversary of His Majesty the Fourth Druk Gyalpo.