Union Life Insurance Company Limited

New Baneshwar, Kathmandu

Estd. 2017

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Overview

Union Life Insurance Company Ltd. has been established in 2074 BS (2017 AD) and registered under Company Act 2063 and Insurance Act 2049 as a Public Limited Company and got a license to operate Life Insurance Business. Union Life Insurance Company has been established with sole Nepalese Capital. The Company comprises renowned & big promoters; Jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh hardware & Tibrewala Group.

The registered office of the Union Life Insurance company is located in Siddharthnagar Municipality, Ward No. 8, Rupendehi. The head office of the company is at Kathmandu Metropolitan City, Ward No. 10, New Baneshwor. Currently, the company is providing services from 205 branch and sub-branch offices including seven province offices.

AUTHORIZED AND PAID-UP CAPITAL

The authorized capital of the Company is NRs. 215 crore. The promoters have contributed 70% of this, amounting to NRs. 150.50 Crore whereas the other Nepalese Citizens are to contribute the remaining 30% of this capital amounting to NRs. 64.50 Crore.

VISION

As the country turned into globalization and diversification in the insurance sector, the Union life insurance company will supply all kinds of life insurance policy services as per the international standards level. It will develop and contribute to social as well as financial sectors towards making the development of the nation. It will expand its networking in the international market for providing maximum benefit to policyholders & stakeholders.

MISSION

The mission of the company is to provide its customers with a range of different life insurance services that best meets their needs with total security, competitive rate of premiums, compensation, and one-to-one service that treats the customer as an individual, not a number. Create resources and generate employment opportunities and developed saving habits of individuals for their financial stability and improvement of their living standard. Life insurance is not just a business, it is a social service as well.

OBJECTIVES OF THE COMPANY

The primary objective of the company is to carry on all life insurance business including health insurance. The company is to provide qualitative life assurance services to its valued customers/policyholders by introducing the latest technology and new product. The Company would actively involve itself in the mobilization of domestic savings. Meanwhile, the long-term target of the life insurance company would be as given below.

i) To become one of the famous & giant life insurance companies in Nepal in terms of premium income, no. of policy, bonus, profit & high rate of return to its stakeholders.

ii) To become a highly professional insurance company by implementing good corporate governance.

FUTURE PLAN:

In order to develop the insurance business in Nepal, by raising public awareness about insurance and attracting insurance copy in every sector, to provide reliable, quality insurance service to the general public, industrialists, traders, and various organizations through insurance system in a simple, accessible, and fast way. The company plans to do so, diversify its services and expand its services.

The company has stated that it will work keeping in mind the service and social responsibility of the customers.

In order to extend life insurance services to every sector of society, the company plans to provide quality insurance services by formulating suitable insurance plans, increase the average income by diversifying investments and increase the return of insured, and provide insurance services through micro-insurance schemes.

Similarly, formulate new insurance plans with a view to the international market, accelerate the development and expansion of the company's information technology to increase efficiency and security, simplify the claim payment process to enhance the quality of the insured's service system, and facilitate renewal premium payments, professionalization of staff and agents. The future strategy of the company is to formulate efficiency enhancement programs.

The company plans to increase the number of service recipients, expand the scope of the company by expanding its scope of work in a timely manner, and increase the issued and paid-up capital as required in the future.

Similarly, the company will play a leading role in the life insurance sector and try to give a reasonable return to the insured and investor shareholders from the insurance business.

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