Insurance is a contract between two parties insurer and insured in which one party (the insurer, in return of certain and agreed amount of money called the premium), assure the other party (the insured) to make good any financial loss. The insured may suffer as a result of occurrence of the specified, insured and unforeseen events (perils) that take place within the period described in the contract.
There are two types of insurance in the market, namely Life Insurance and Non-Life or General Insurance. Life Insurance provides cover for human and human related things. NLG Insurance Company only issues Non-Life Insurance.
Non-Life or General Insurance provides cover for all the rest (house, warehouse, industry, vehicle etc.) apart from that covers in Life Insurance. However, Personal Accidents, Personal Medical, Third Party Liability, Production Liability, Travel Trip are also covered in Non-Life Insurance. The nature of Non-Life insurance cover is normally short term, such as one year.
An insurance premium calculator is a valuable tool that allows quick and easy comparison of insurance plans based on various parameters. Using an insurance calculator, buyers can quickly evaluate their needs and make an informed decision of choosing an appropriate plan.
To take insurance, a person or organization should decide about the product they want the cover for, the perils they want to cover against, the current monetary value of the product and for how long they want it covered. After that, they have to get a proposal form from NLG Insurance Company or its website, fill the appropriate fields and submit at any of the NLG Insurance offices. (Our marketing staffs are available to assist on filling proposal form in any of the branch or head office) .
The purpose of proposal form is to get information from the insured to issue an insurance policy. The information is as followed:
- Name & Address of proposer;
- Details about the proposed properties, persons, liabilities etc;
- Location, Transit route etc. of proposed;
- Property, profession age etc. of proposed persons, nature of business for liabilities etc;
- Proposed Value, Limit of liabilities, Sum Insured etc. for the insurance;
- Risks required;
- Period of insurance;
- Past insurance and claim record…..etc
For Motor Vehicle Insurance: photocopy of the vehicle registration book (Blue Book) and Renewal Notice from the previous Insurance Co. for “No Claim Discount”;
For Marine Transit Insurance: Invoice / Proforma Invoice, Packing list, Letter of Credit (L/C) etc.
For Contractors' All Risk Insurance: Contract Document, Bill of Quantity (BOQ);
For Travel Medical Insurance: Copy of Passport and for other insurance, as required by the Insurance Company
The insurance policy holder should check the “Policy Schedule” for the confirmation of insured name, policy period, property/person/liability insured, risks covered, premium, special exclusions etc and “Policy” for terms, conditions, exclusions, warranties, limitations etc. The insurance policy holder should also check the premium calculation.
Step by step guide to Insurance Issuance
Fill up the required form. The documents to be filled up are:
Collection of the required documents. The list of required documents are:
Fill up the inspection form (if necessary)
Collect information about the product that the client wants to insure
The debit note number will be generated after this step.
Payment
Issuance of Policy: After the payment is done, the policy has to either be collected by the client or hand-delivered by the company.
1. Inform the nearest Police Station Immediately.
2. Get the information about the third party involved, if any.
3. Give written information (intimation) or email us at claim@nlgi.com.np.
4. The company may appoint Surveyor for further process.
5. Submit all the required /asked documents to the company or Surveyor as requested.
6. Surveyor will perform the loss assessment and submit the report to us along with his remarks after completing the survey.
7. The surveyor report and document submitted will be validated and approved by the competent authority, based on which a discharge voucher will be issued and forwarded to the insured mentioning the settlement amount.
8. After receiving the signed discharge voucher from the insured, the company will settle the claim by issuing a cheque.
As of now, there are no reported insurance defaulters. This ensures a seamless and trustworthy experience for all our clients and stakeholders.
Yes, you can purchase an insurance policy online through our dedicated online portal (https://buy.nlgi.com.np). Our user-friendly platform allows you to conveniently browse available insurance options, customize your coverage according to your needs, and complete the entire purchase process online. With just a few clicks, you can secure the insurance protection you need from the comfort of your own home or office.
For a detailed procedure manual, Click Here.
To purchase an insurance policy online, please follow our step-by-step online policy issuance manual. This comprehensive guide will walk you through the entire process, ensuring a smooth and hassle-free experience. You can access the manual, clicking here, where detailed instructions and helpful tips are provided to help you navigate each stage of the online policy purchase journey. From selecting the right insurance coverage to completing the payment process securely, our manual covers everything you need to know to successfully purchase an insurance policy online. If you encounter any difficulties or have any questions along the way, our dedicated support team is readily available to assist you.
Yes, it is safe to buy insurance online. We prioritize the security and confidentiality of your information throughout the entire online purchase process. Our portal is secured with SSL (Secure Sockets Layer) encryption, which ensures that all data transmitted between your browser and our servers remains private and protected against unauthorized access.
Additionally, rest assured that the insurance policy you receive after purchase will be digitally signed, further ensuring its authenticity and integrity. This digital signature serves as a tamper-proof seal, providing you with peace of mind that your policy documents are genuine and have not been altered in any way.
To purchase insurance policy online, you typically need to provide KYC (Know Your Customer) information and proposal form stating the details about the property or asset you wish to insure. This may include:
These documents help ensure that the insurance policy is issued accurately and in compliance with regulatory requirements. Additionally, providing accurate information helps in processing claims smoothly in the event of an unforeseen circumstance.
Yes, you can customize the coverage you wish to purchase according to your specific needs and requirements.
You will have the option to make payments using various payment methods provided, such as mobile banking, Internet banking, wallets, cards, and etc.
After completing the KYC, proposal and payment process, you will be able to download your insurance policy documents instantly from the portal.
Yes, you can cancel or modify your insurance policy after purchase by contacting our support team and providing the valid reason for the cancellation or modification. Our support team will assist you accordingly.
If you encounter any issues during the online purchase process, please escalate the matter to our support team. They will assist you and ensure a smooth purchasing experience.
No, there are no additional fees or charges associated with online insurance purchases. In fact, you even receive a direct discount on your online purchase.