Insurance: Royal Insurance Corporation of Bhutan Limited launched five new insurance policies yesterday including two life insurance schemes.
Life insurance policies are Endowment plan for senior citizens with guaranteed additions and double cover endowment plan without profit. General insurance policies include loan care insurance policy, Dhatsip ngen-sung ley-char (an insurance policy for archery enthusiasts or the first sport insurance scheme), and Hoteliers and Restaurants Insurance Policy.
Endowment plan for senior citizens with guaranteed addition policy gives insurance to people who are 55-70 years of age and those who are retiring employees of public and business agencies or people with advanced age from the rural community can earn fixed income through guaranteed addition.
Double cover endowment plan without profit policy gives insurance to people of 18-65 years. It offers double the sum assured on maturity of the policy term along with a fixed income earned through guaranteed additions. The terms available for both the policies are 5-20 years.
Loan care insurance policy is designed for borrowers who avail loan from financial institutions within the country. “It is a policy to protect the survivors of the borrower if he is dead, ill or is terminated from service,” head corporate strategy and planning division head Tshewang Jurmey said.
Hoteliers and Restaurants Insurance Policy is for any hotels and restaurants around the country. The CEO of RICBL, Namgyal Lhendup, said their main aim for coming up with such a policy is that with the increase in number of tourists visiting the country, tourists want to stay at hotels that are insured.
Dhatsip ngen-sung ley-char covers both insured and third party liability and it provides five optional schemes like in an archery match, Daya, Karey, Gorthey, Dobjey and Choenda. This policy is for individuals and teams taking part in tournaments. It provides insurance for tournaments within the country only and archers playing either with compound or traditional bow.