Life Insurance Payments

19th May 2024, Kathmandu

connectIPS has brought an exciting offer on life insurance premium payment, such that 10 lucky users every week will receive Rs 1,000 cashback and 1 lucky user will receive full cashback up to Rs 40,000 per month upon payment of life insurance premium payment using connectIPS.

Life Insurance Premium Payments

The offer will be valid from 6th Jestha to 32nd Shrawan 2081 and for payment of any life insurance.

Winners will be randomly selected from the users who have paid insurance premium using connectIPS (mobile app, web application or payment gateway available in respective life insurance company’s website).

Weekly winner will be announced on every Monday and monthly winner shall be announced after the completion of each month via NCHL’s social media platforms.

connectIPS has become one of the most prominent and convenient payment channels for bank customers to manage and use its multiple bank accounts for easy fund transfer and service payments.

It allows fund transfer of up to Rs. 20 lakhs per transaction in web application and up to Rs 2 lakhs in mobile app. Various other payments such as mobile top-up, electricity, landline, internet, school fee, hire purchase, government tax, Loksewa fee, traffic fine, broker payments, NEPALPAY QR and many more are possible with connectIPS. It has processed more than 58 Million transactions equivalent to Rs 4,456 Billion in settlement value until end of Baisakh 2081 through over 53 member BFIs.

About NCHL

Nepal Clearing House Ltd. (NCHL), established on 23rd December 2008 under the leadership of Nepal Rastra Bank, is a public limited company with equity participation from Nepal Rastra Bank, commercial banks, development banks, and finance companies.

NCHL focuses on providing banking and financial technology-oriented services to enhance the efficiency and productivity of Banks and Financial Institutions (BFIs), offering innovative financial solutions without requiring significant infrastructure investments from BFIs.

NCHL operates multiple payment, clearing, and settlement systems in Nepal, including Electronic Cheque Clearing (NCHL-ECC), Interbank Payment System (NCHL-IPS), Retail Payment Switch (RPS), connectIPS, CORPORATEPAY, connectRTGS, and the National Payment Interface (NPI).

Under the mandate of Nepal Rastra Bank, NCHL is implementing the National Payment System (NPS) project, with the first phase—Retail Payment Switch (RPS)—already enabling non-card-based transaction interoperability and the establishment of the NEPALPAY QR scheme.

The second phase, which is underway, aims to achieve interoperability of card-based transactions through the Interoperable Card Switch and Domestic Card Scheme for Nepal. BFIs participate in NCHL systems as members responsible for payment transactions and clearing operations, while non-bank institutions participate as indirect or technical members, initiating transactions through their respective banks within NCHL’s payment systems.

For more details: Life Insurance Premium Payments

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