A. INTRODUCTION TO COMPANY
Union Life Insurance Company Ltd. has been established and registered under Company Act 2063 and Insurance Act 2049 in the year 2074 B.S (Regd. No. 168131/73/074) as a Public Limited Company and got a license to operate Life Insurance Business on 2074/03/20(04/07/2017). Union Life Insurance Company has been established with sole Nepalese Capital. The Company comprises of renowned & big promoters; Jagadamba Group, Golchha Group, Gadiya Group, Naupane Group, Rajesh hardware & Tibrewala Group.
B. 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 remaining 30% of this capital amounting to NRs. 64.50 Crore.
As the country turned into the globalization and diversification in the insurance sector, the Union life insurance company will supply all kinds of life insurance policy service as per the international standards level. It will develop and contribute to social as well as financial sectors towards making development of the nation .It will expand its networking in international market for providing maximum benefit to policyholders & stake holders.
The mission of the company is to provide its customers with the 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.
E. OBJECTIVES OF THE COMPANY
The primary objective of the company is to carry on all life insurance business including the health insurance. The company is to provide qualitative life assurance services to its valued customer/policyholders by introduction of latest technology and new product. The Company would actively involve itself in 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 company in Nepal in terms of premium income, no. of policy, bonus, profit & high rate of return to its stakeholders.
ii) To become highly professional insurance company by implementing the good corporate governance.
F. PRESENT BOARD OF DIRECTOR’S COMPOSITION:
(i) Mr. Sulav Agrawal – Chairman
(ii) Mr.Shekhar Golchha – Director
(iii) Mr.Sandeep Kumar Agrawal – Director
(iv) Mr.Jeewan Kumar Agrawal – Director