“insurance is amongst the most prudent invention of mankind; it makes disaster tolerable.”...
TRANSCRIPT
“Insurance is amongst the most prudent invention of mankind; it makes disaster tolerable.”
Albert Einstein
ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
RICBL WAS ESTABLISHED ON 7TH JANUARY 1975 UNDER THE ROYAL
CHARTER OF THE FOURTH DRUK GYALPO.
WITH THE OBJECTIVE TO CATER TO INSURANCE NEEDS OF THE PEOPLE AND
TO PROMOTE SOCIO-ECONOMIC DEVELOPMENT OF THE COUNTRY.
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
•RICBL has reinsurance arrangements with ten companies in India, Japan, Thailand, Hong Kong, Nepal, Bangladesh, UKGermany and Korea.
•All our policies are strictly as per the international standard and practice.
•Larger spread in the international market means larger spread of risks- safer for the customers of RICBL.
SAMTSE
(BRANCH OFFICE) GELEPHU (BRANCH OFFICE)
SAMDRUPJONGKHAR (BRANCH OFFICE)
TRASHIGANG (BRANCH OFFICE)
MONGGAR (BRANCH OFFICE)
BUMTHANG (BRANCH OFFICE)KHURUTHANG
(BRANCH OFFICE)
THIMPHU (REGIONAL OFFICE)
PARO
(BRANCH OFFICE)
GEDU (BRANCH OFFICE)
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
PHUENTSHOLINGREGIONAL OFFICE
THIMPHU HEAD OFFICE
PARO BRANCH OFFICE
KHURUTHANG BRANCH OFFICE
LOBESA BRANCH OFFICE
BUMTHANG BRANCH OFFICE
MONGGAR BRANCH OFFICE
TRASHIGANG BRANCH OFFICE
SAMDRUP JONGKHAR
BRANCH OFFICE
GELEPHU BRANCH OFFICE
GEDU BRANCH OFFICE
SAMTSE BRANCH OFFICE
TSIRANG BRANCH OFFICE
OUR BUSINESS CENTRES
• Life Insurance • General/Non-life Insurance• Credit and Investment• Group Insurance cum Savings Scheme• Private Provident Fund• RICB Securities Limited• Rural House Insurance
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
LINE OF BUSINESS
• Fire Insurance • Industrial Insurance • Engineering Insurance• Marine/Transit Insurance • Motor Insurance
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Non-life Insurance Products
• Group Personal Accident Insurance• Personal Accident Insurance• Cash In-transit Insurance• Cash In-safe Insurance• Burglary Insurance• Fidelity Guarantee Insurance• Aviation Insurance
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
General/Non-life Insurance Products ………contd.
• House Holder’s Insurance• Trekking Insurance• Overseas Travel Insurance• Loan Care Insurance• Shopkeeper’s Insurance• Rural Insurance Scheme• Cattle Insurance• Health Insurance
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
General/Non-life Insurance Products ………contd.
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LIFE INSURANCE
ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Life can only be understood backwards, but it must be lived
forward…. - Chinese
Proverb
A contract between the insured and the insurer,
whereby the insurer agrees to pay the insured certain amount in the event of:
Death of the assured or
on surviving the period agreed upon, together with bonus, on payment of a certain premium.
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
OLD AGE:Post Retirement Income.
FAMILY:Protection of the interest of the family against loss of income due to death of the bread earner. CHILDREN:Provision for education and to start in life.
WHY WE NEED LIFE INSURANCE?
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Life Insurance mitigates the adverse consequences that may follow either on early demise of a person or on his living too long
BENEFITS OF LIFE INSURANCE
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
• Provides full financial protection to the beneficiary in the event of death of the assured .
• Encourages saving.
• Plan provision for children’s education
• Insurance premiums are Tax deductible
HOW WE REACH OUT TO THE PEOPLE?
Through our field people posted in different branch offices
Through our sales executives
Through print and broadcast media16
ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
SALES EXECUTIVES?Individual who are recruited and trained to sell life insurance policiesNot regular employeesPay commission depending on the quantum of business they procureAs of now there are 160 plus sales executives operating in various DzongkhagsPlans to recruit more for wider coverage
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
HOW LIFE INSURANCE CONTRIBUTES?
Peace of mind and hence productive contribution in all endeavors
Savings for old age, contented life and hence promotes GNH
Contribute to employment by recruiting unemployed people as agents.
Contribution to exchequer through tax.18
ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Disability, Accidents, Loss of Income and assets
Protection against unforeseen and un-predictable circumstances
NEED FOR INSURANCE
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
PRODUCTS:
• Fire Insurance • Industrial Insurance • Engineering Insurance• Marine/Transit Insurance • Motor Insurance
NEW PRODUCTS TO BE INTRODUCED:
• SHOPKEEPERS INSURANCE• LOAN CARE INSURANCE• OVERSEE TRAVEL INSURANCE• HOUSEHOLDERS INSURANCE• HEALTH INSURANCE
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
WHAT IS COVERED UNDER FIRE POLICY?
•Material damage by fire and or lightning
•Damage to property due to water or other fire extinguishing appliances used in extinguishing/ controlling fire
•Damage to property caused by legitimate acts of fire brigade
•Damage to property during removal from burning building
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
WHAT IS NOT COVERED UNDER FIRE POLICY?
•Theft during and after occurrence of fire
•Burning of property under orders of any authority
•Goods held in trust or on commission
•Documents, computer record systems
•Property insured, if removed to any building or place other than in which it is stated to be insured.
•Bullions or unset precious stone.
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
IN TIMES OF CLAIM :
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Call RICB at Toll free nos. :-
Phuentsholing- 151
Thimphu – 181
Inform Traffic Police & call the nearest RICB office.
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Motor Insurance
Comprehensive Policy
Third Party Policy
Own Damage
Own Damage
Third PartyThird Party
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Benefits under Comprehensive PolicyBenefits under Comprehensive Policy
Only Third Party is covered.
Your own car is covered with Third Party. You enjoy No Claim Bonus.
Benefits under Third Party PolicyBenefits under Third Party Policy
ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Credit and Investment• Housing Loan
• Transport Loan • Industrial Loan • Staff Loan • Business Loan• Loan against Share• Personal Loan • Card Loan • Preferential Finance Scheme Loan
(PFS)• Contractor’s Revolving Credit (CRCS) • Private Provident Fund Loan(PPF)
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Group Insurance Scheme & Group Savings Linked Insurance
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
• 60% of the contribution goes to the savings which attracts 7.5% interest.
• While the 40% is the premium for insurance.
• Insurance covers – Permanent Total disablement and death.
Private Provident fund• Initiated in 1976 and amended in 1985 by H.R.H. Initiated in 1976 and amended in 1985 by H.R.H.
Sonam Choden Wangchuk.Sonam Choden Wangchuk.
• The scheme was further revised in 1990 and The scheme was further revised in 1990 and amended through M.o.U effective from 1st amended through M.o.U effective from 1st July’1997. July’1997.
• On 1On 1stst July 2000, Ministry of Finance issued circular July 2000, Ministry of Finance issued circular to manage Provident Fund of Private sectors and to manage Provident Fund of Private sectors and NGOs by RICBL. NGOs by RICBL.
• As of 31As of 31stst August 2009 we have 115 member August 2009 we have 115 member organizations with 6,300 P.F members.organizations with 6,300 P.F members.
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Private Provident fund…..contd.
Objective of the scheme Objective of the scheme
• To give retirement benefit to the To give retirement benefit to the employees working under Private employees working under Private sectors and NGOs. sectors and NGOs. • To Induce saving while the To Induce saving while the members earn ( Save –As You earn members earn ( Save –As You earn Scheme) Scheme)
• To give post service and in-service To give post service and in-service benefit to the employeesbenefit to the employees
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Rural Insurance
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
• Memorandum drawn between MoF, MoHCF and the RICBL.
• A scheme to grant insurance cover for all houses against fire, earthquake, flood, landslide
• Covers all Dzongkhag and is compulsory for all rural houses
• Corporate social responsibility to the rural community and the Government.
Hail storm
Others perils not specified above
Loss caused wilfully or intentionally
More than one owner living in a single house
ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
Future Plans
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ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED
- Overall reduction of premium in General Insurance
- Improve customer service
- Increase life insurance penetration
- Request Government to increase tax rebate from 50% to 100%.
- Introduce health insurance vis-à-vis Government health policy.
-Introduce Crop Insurance
- Enhance the coverage of Private Provident Fund and start Pension for private sector.
- New Regional Offices and Branch offices in various parts of the country