18th August 2025, Kathmandu
In a powerful display of its commitment to customer welfare, Shangri-la Development Bank has provided a much-needed insurance payout to the family of a minor account holder, Srishti Tripathi.
SADBL Provides Insurance Payout
The payout, delivered under the bank’s unique Secure Child Savings Account scheme, underscores how the institution is moving beyond conventional banking to provide a critical financial safety net for its clients. This case highlights the importance of a well-designed financial product that combines the benefits of savings with the essential protection of insurance, safeguarding a child’s future even in the face of unforeseen family tragedies.
The Case: A Payout to the Tripathi Family
A Secure Child Savings Account had been established at Shangri-la Development Bank’s Talchowk branch in Pokhara for Srishti Tripathi, with her elder brother, Mr. Sagar Tripathi, registered as her guardian. The family’s life took a tragic turn when Mr. Sagar Tripathi passed away in a sudden accident. In this difficult time, the bank’s pre-existing insurance scheme kicked in, offering a crucial financial cushion. As per the scheme’s provisions, the bank promptly processed the insurance claim, providing a payout of NPR 300,000 to the Tripathi family.
The cheque was officially handed over by the Branch Manager, Mr. Rajiv Poudel, to Srishti and her mother, Ms. Shila Tripathi. This act not only honored the bank’s commitment but also provided immediate relief to a family grappling with the emotional and financial burden of a loss.
Ensuring a Secure Future for the Child
A key feature of the Secure Child Savings Account is its foresight in ensuring the long-term financial security of the child. Instead of a direct cash payout, the NPR 300,000 insurance benefit has been strategically deposited into a fixed deposit account in the child’s name. This ensures that the funds will grow over time with interest, maximizing their value. The child, Srishti Tripathi, will be able to access and withdraw these funds when she reaches the age of 18, a pivotal point in her life when she might need it for higher education, a career, or other future aspirations.
This approach prevents the funds from being used for immediate, non-essential expenses and guarantees that the insurance benefit will serve its intended purpose: to directly support the child’s future needs, providing a solid foundation for her adulthood.
The Secure Child Savings Account: A Dual-Benefit Product
Shangri-la Development Bank’s Secure Child Savings Account is a prime example of a financial product that offers more than just a place to save money. Its most notable feature is the embedded insurance coverage. In the unfortunate event of the registered guardian’s death, the bank provides a safety net by offering a substantial NPR 300,000 as an insurance payout. This unique combination of savings and protection provides invaluable peace of mind to parents and guardians who are meticulously planning for their children’s future.
The scheme’s key benefits can be summarized as follows:
- Insurance Coverage: A lump-sum payout of NPR 300,000 upon the death of the registered guardian.
- Fixed Savings Growth: The insurance amount is invested in a fixed account, ensuring guaranteed growth and a lump-sum maturity benefit.
- Future Security: The funds are ring-fenced for the child, providing direct financial support when they become an adult.
- Encouraging Financial Discipline: The scheme promotes a culture of early savings and long-term financial planning among families in Nepal.
Shangri-la Development Bank’s Customer-Centric Philosophy
The proactive handing over of the insurance payout is a clear demonstration of Shangri-la Development Bank’s commitment to its customers. Branch Manager Rajiv Poudel highlighted that the bank takes pride in being a reliable partner for its clients, especially during difficult times. This philosophy of going “beyond banking” and providing value-added services is what distinguishes the institution in a competitive market. By creating products that address real-life challenges, such as the sudden loss of a guardian, the bank solidifies its reputation as a trusted and socially responsible financial institution.
Broader Significance for Nepalese Families
The case of the Tripathi family underscores the critical importance of integrating financial planning with insurance protection. For many Nepalese families, a child’s education and future are tied to the financial stability of the guardian. A sudden loss can create an immense emotional and financial burden. Schemes like the Secure Child Savings Account help mitigate this risk, ensuring that a child’s future remains safeguarded and their dreams are not derailed by unforeseen circumstances. The initiative also plays a vital role in promoting a broader savings culture and financial literacy across households in Nepal.
In conclusion, the Secure Child Savings Account offered by Shangri-la Development Bank is a powerful example of a financial product with a social purpose. The recent insurance payout to Srishti Tripathi’s family is not just a transaction; it is a testament to the bank’s dedication to its customers’ well-being and its role as a key enabler of long-term financial security and prosperity in Nepal.
For More: SADBL Provides Insurance Payout