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. Prabhu Insurance Limited 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.

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Motor Insurance policy is a contract between a vehicle owner and an insurance company wherein the insurer assures to provide protection against financial losses to the owner in exchange of premiums paid, if the insured vehicle gets damaged or stolen. Also, it covers liabilities for injuries, damages to others caused by your car.

In Nepal there are two types of insurance- (a) Third-party or Liability Only and (b) Comprehensive Cover

Liability Only or Third-party Motor Insurance Policy is mandatory for all vehicles either private of commercial.

In Nepal there are two types of insurance- (a) Third-party or Liability Only and (b) Comprehensive Cover

‘No Claim Bonus’ is a discount offered by the insurer on the policy renewal to encourage policyholders stay healthy, and avoid claims. If the policyholder does not make any claim in the preceding policy year, the insurer offers the NCB benefit. The policyholder also has the option to accumulate the NCB for a couple of years and this simply leads to lowering of premium amount of the policy

You can make any number of claims in a policy year. However, the sum insured is the maximum limit you can claim for in a policy year. If the sum insured is exhausted, you can’t make more claim in the same policy year.

A health insurance policy covers expenses that incurred due to the medical treatment/surgery. In order to get the benefits of the health plan, the policyholder has to go for at least 24 hours of continuous hospitalization. There are some day-care procedures that are also covered under a health plan, but you also need to get hospitalized to avail benefits. Read your policy document to ascertain what is included and excluded under your policy.

Yes, normally there is a waiting period of 30 days from the date of inception of the policy; during which, the insurer will not be bound to pay you any hospitalization bill. However, in case of an emergency occurring due to an accident, there is no such restriction, and the insurance company will pay your medical expenses.

Comprehensive Motor Insurance or Package Policy covers both damage/loss to your vehicle and damage/loss to third-party caused by your vehicle. Besides, it covers against damage due to fire, riots, lightening, natural disaster or malicious act.

Third-party Motor Insurance or Liability only indemnifies the insured person, if he is legally liable for the third party damage or bodily injury.

A motor insurance policy usually remains valid for one year and needs to be renewed before it expires.

These are the documents that require to be submitted while making claim for motor insurance policy- (a) Duly filled up and signed claim form (form can be downloaded from company’s website) (b) (Registration Certificate) copy of your Vehicles (c) Original estimate of loss (d) Original invoice and payment receipts For policy with cashless facility, only repair invoice with FIR (if required) need to be submitted.