“Insurance is amongst the most prudent invention of mankind; it makes disaster tolerable.” Albert Einstein ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED

“Insurance is amongst the most prudent invention of mankind; it makes disaster tolerable.”

Albert Einstein

ROYAL INSURANCE CORPORATION OF BHUTAN LIMITED

ENSURING : -SOCIAL SECURITY

SOCIAL WELFARE & ECONOMIC GROWTH

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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•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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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

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• 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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LINE OF BUSINESS

• Fire Insurance • Industrial Insurance • Engineering Insurance• Marine/Transit Insurance • Motor Insurance

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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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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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General/Non-life Insurance Products ………contd.

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LIFE INSURANCE


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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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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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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• 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

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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


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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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


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GENERAL IINSURANCE

Disability, Accidents, Loss of Income and assets

Protection against unforeseen and un-predictable circumstances

NEED FOR INSURANCE

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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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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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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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IN TIMES OF CLAIM :

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Call RICB at Toll free nos. :-

Phuentsholing- 151

Thimphu – 181

Inform Traffic Police & call the nearest RICB office.

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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


MONTH CLAIMS PAID

JANUARY 1,052,533.82

FEBRUARY 4,166,561.31

TOTAL 5,219,095.13

MONTHS CLAIMS PAID(NU.)

JAN-DEC 24,353,699

MONTHCLAIMS PAID

JAN-DEC,20091,738,378.22

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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Group Insurance Scheme & Group Savings Linked Insurance

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• 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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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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Rural Insurance

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• 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


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Future Plans

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- 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

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