Life Insurance, in today’s world of uncertainties, is popularizing and is gaining much importance. Simply, it is a contract between Insurance Company and the policy holder, also called Insured. Though the policies vary from company to company, the basic concept is that the beneficiaries get lump-sum amount upon the insured's death.

A lot of people throughout the world are aware of Life Insurance’s importance; but, most of them choose to ignore the consequences and difficulties that come with one’s death, and don’t buy any policy at all. However, the pandemic of 2020 has made people keen about insurance.

In context of Nepal, several insurance companies and policies are evolving day-by-day. However, the penetration rate in Nepal is very low. About 90% of the citizens are living without any insurance policy even the educated ones who are well aware about the importance of life insurance.

Here, the major reasons to buy a Life Insurance Policy are shown:

Leave something for your family

Though the sum doesn’t compensate the loss of a person, it helps the family of the insured to solve their financial problems and provides financial security. Especially, for a family with children, the sum received can help in up-bringing of the children and cover their education expenses.

Pays off debt

The death of a person should not mean debt for their loved ones. The sum received after the death of insured can help to clear all the debts and free the loved ones from the burden of the insured’s financial problems.

Supplement to retirement plan

Life Insurance can also be a supplement to retirement plan. It helps the retirement savings to last till the end. One can invest on the insurance policy throughout their working years and can enjoy the monthly income from it after retirement.

Aids in business survival

Life Insurance is essential, not only for an individual, but also for a business organization. A business may face disastrous consequences due to the loss of its key employee or one of the owners. Policies to prevent such consequences such as key-employee insurance, buy-sell agreement, etc., prevail.

The insurance of key-employee helps to cover the loss a company has to bear from the death of the most competent employee. Similarly, buy-sell agreement aids in survival of the business even after the death of one of the partners/ owners by compensating for the loss. The sum received can kept by other owners for future use or can be used to buy the company shares from the family of the insured.

Peace of mind

The insured won’t have to stress about what will happen to their family once they are gone as the financial security of their family is ensured. 

Investment tool

Life Insurance not only protect lives from death and accidents, but is also a lucrative investment tool that helps to save money for future.

 

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Online or distance education, simply, is the teaching and learning process done via different online medium be it audio conference, video conference, articles, etc. Its history goes way back to 1982 when Western Behavioral Sciences Institute, California exercised computer conferencing to provide first ever online college programs. Later on, along with the development in technology and internet browsers, online education via video and audio conferences, videos, websites and articles evolved.

Various universities and colleges throughout the world have been offering online education in one form or another for a long time. Even though distance learning was introduced decades ago, it popularized largely after the entire world underwent lockdown due to the fear of contagious spread of COVID-19, a lethal virus, and students had to study from home.

After pandemic, the online education system replaced the traditional educational system. The imposition of lockdown prohibited people from going out except for urgent cases; so, physical educational system were replaced by online system. Classes, assignments, lectures, discussions, projects, research, examinations and everything had to be done and submitted online; as a result, the use of electronic gadgets like Smartphone, tablet, laptop, desktop, etc. escalated. People from all around the world, especially students, teachers and workers, had an increase in their screentime be it in smartphones or laptops or desktop. The usage of e-gadgets surged along with people's dependency on it for official and personal purpose.

Along with the use of electronic gadgets, the use of various video-conferencing applications like Zoom, Google Meet, etc. on which the classes were conducted increased by more than ten times. 

However, experts believe that increase in screen time of students from an elementary level child to an university level student may lead to various health related problems. Some of the major health issues that have resulted are eye strain, technostress, frustration, dullness, etc. Thereupon, they have suggested students to try and reduce their screentime as much as possible and try to engage themselves in something non-digital.

 

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Technological advancement in today’s world has led to digitization of money. Cashless economy, nowadays, has become the goal of several countries. Introduction of cryptocurrency and digital wallets are major step towards cashless economy.

Digital Wallet, also known as e-wallet or mobile wallet, is a virtual wallet that is operated online through internet. It is also known as online payment gateway. Digital wallet enables one to complete their financial activities and transactions through few clicks and swipes. In context of Nepal, since 2009 several digital wallets have been developed and licensed as Payment Service Provider.     

5 Best Digital Wallets in Nepal

eSewa 

Launched in 2009, eSewa is Nepal’s first online payment gateway. It has also been licensed by Rastra Bank as Payment Service Provider. Pursuing their goal to create a cashless economy, it is covering almost every sector and is always expanding their services.

Having largest group of users makes eSewa the topmost digital wallet in Nepal. Some of the services of eSewa are: utility bill payments, school fees payment, movie and flight ticket bookings, insurance premium payment, etc.

Khalti

Launched in January 2017, Khalti can be regarded as emerging and rapidly growing mobile wallet, payment gateway and service provider. Their goal is to simplify the lives of people by bringing financial inclusivity to every individual in Nepal and take the payment industry from offline to online through best practices.

Having best technical team and innovative actions makes Khalti second best digital wallet in Nepal. Some of the services provided by Khalti are: utility bill payments, hotel bookings, movie and domestic flight bookings, events, etc.

Other than phone application, it also has a web version. Also, it has a biometric security option that facilitates the user to carry out their transactions by a simple touch of the fingertips.        

IMEpay

IMEpay is a mobile money service launched by IME Digital in order to provide digital payment solution. It has also been licensed by Rastra Bank. IMEpay, one of the emerging digital wallets, aims to cater vast majority of banked, unbanked and under-banked customers of Nepal. 

IMEpay, a Fintech mobile application, provides services like Remittance service, bus and cable car ticketing, domestic flight bookings, utility bill payments, ISP payment, etc.        

PrabhuPay

PrabhuPay allows its users to simplify the payment process. With this App, the consumers can easily make payments for the goods purchased and services rendered. Also, users can transfer small value fund to consumers within PrabhuPay network.

Being a digital wallet from the Prabhu group, it provides various services such as utility bill payments, insurance premium, internet and TV bills, etc. 

Comparatively, PrabhuPay is a new digital wallet and lacks in some features; however, it is very efficient in its current state.

I-Pay

Launched in 2010 by Muncha.com, IPay excels in online shopping while compared to others. IPay exclusively rewards its customers in almost all payments or transactions. It provides services such as: top-up, utility bill payments, flight and ticket bookings. IPay is also planning on expanding its services.  

Besides these, there are several other digital wallets in Nepal that didn’t make it to the list of top 5 e-wallets such as QPay, EnetPay, etc. All these digital wallets are directing our country, Nepal towards a better future and eventually towards cashless economy.

 

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