Contribution of Life Insurance Premium to Parents for Quality Education of Their Children

Abstract

Insurance has been considered as the protection against loss arising due to an unexpected and unforeseen event. Fair and quick settlement of claim acts as a yard stick to judge the insurance company. The main purpose of this study was to explore assured benefi ts and analyze the claim settlement practices of the life insurance companies of Nepal in relation to educational empowerment. Various social sciences research methods including desk review, expert consultation, case studies, site observation, focus group discussions, key informant interview and the analysis of the information were adopted through various means. Both quantitative and qualitative data at local levels were collected during the fi eld visit. This study has concluded that claim settlement and customers’ service are more important factors rather than other factors in life insurance concerning educational support to the children. Parents buy life insurance policy to cover the risk uncertainty during growth of the children along with their education. However, important focus should be given during the time of claim settlement not only at the time of purchasing policies.