First in­sur­ance pol­icy on sports launched

Bhutan Times - - Home - Deki Lha­zom

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.

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