Sherab Lhamo
Bhutan Insurance Limited (BIL) launched its inaugural handbook on basic insurance to promote insurance literacy and empower Bhutanese citizens to make informed financial decisions during the company’s foundation day on August 20.
Designed to provide clear and accessible information, the handbook covers fundamental insurance terms, various types of risks, and the impact of insurance on both personal and financial well-being.
It also outlines a range of insurance products and concepts, including motor, fire, engineering project, personal accident, student care, liability, marine hull and cargo, and workmen’s compensation insurance.
The Chief Executive Officer of BIL, Damdi Dorji, said that the handbook aims to simplify insurance information and make it understandable for everyone. “We are committed to promoting insurance literacy throughout the country, and aim to empower the public with knowledge that can safeguard their future by availing themselves of appropriate insurance coverage.”
The handbook will be distributed to 168 middle schools and technical training institutes across the country.
The Head of Marketing and Research of BIL, Tobgay Dorji, said that students are not taught about insurance literacy in school, and BIL hopes to introduce insurance concepts to students through this handbook. “E-copies of the handbook will be available on BIL’s website,” he said.
He added that public awareness about insurance is limited. “Many people currently see insurance as unnecessary but, in the future, there will be a growing need for insurance,” he said. “Insurance is a critical but often overlooked component of financial planning.”
Tobgay Dorji said that since insurance is a vast topic, there are plans for a second edition of the handbook, which will dive deeper into various insurance clauses and concepts.