༄༅།། འབྲུག་རྒྱལ་ཉེན་སྲུང་ལས་འཛིན་ཚད།
Royal Insurance Corporation of Bhutan Limited

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Financial Security and Services (FSSD)

The Financial Security & Services Department was established in the year 2013 towards strengthening the financial services and benefits provided by the company. The financial services include identifying financial security needs and planning for achieving the financial goals through customized product designs and other services required either by the individual or the agencies for its employees. Currently, RICB offers life protection scheme, savings scheme and pension scheme


  1. Strengthen social security system of the country through individual’s own financial security
  2. Educate the importance of financial security through financial literacy and by providing attractive platforms for investing in financial products
  3. Provide adequate protection against unforeseen calamities on individual lives
  4. Provide income security during old age
  5. Contribute to nation’s economic development through collective individual savings and investments

The lines of business under the Financial Security & Services are:

  1. Life Annuity Scheme
  2. Group Insurance Scheme
  3. Provident Fund Scheme and
  4. Gratuity Scheme
Private Provident Fund Scheme

The Provident Fund scheme was initiated in 1976 as a form of social safety net into which employees contributes a portion of their salaries and employers also contribute equal amount for the benefit of employees. The minimum contribution payable is 5% of basic salary on each part and in certain cases the employees can have option of initiating the contribution without the equal contribution of employer as per the type of employment.

Objective of the Scheme:

  • To Induce saving while the members earn( Save As You Earn Scheme)
  • To give post service and in-service benefit to the employees.

Process of Remittance:

Every month, the employer needs to deduct the PPF remittance and forward the same to nearest RICB office in the prescribed format.

There is no penalty for late remittance; however members would lose the interest.

All the members are issued PPF memo showing details of his/her opening balance, contribution made during the year, interest credited and closing balance after closing of every accounts.

Benefits of the Scheme:

  • Contribution accumulation @ 7 % p.a.
  • Provides security during old age and retirement after employee regular income ceases(Post service benefits).
  • Provides assets building benefits to the member ( in service benefits ).
  • Protection to the dependents of employee in case of premature death.
  • The contribution is 100% tax deductible while filing for the annual PIT.

The Life Annuity Scheme is a predetermined periodic payment retirement scheme/pension scheme purchased with all modes of payment including single lumpsum. It helps people budget for their retirement/old age income with steady income along with Total Permanent Disability benefit.

There are two types of annuity plans under Life Annuity Scheme:

Group Insurance Scheme

The Group Insurance Scheme is a welfare insurance scheme provided on the principle of group life insurance at a low premium for the working society. The scheme provides life insurance benefit while in services at specified premium, applicable as per grade or basic pay along with savings option. There are two types of schemes provided as detailed below:-

Group Insurance Cum Saving Scheme(GIS)

This group Insurance is specially designed for the employees working in the government/Autonomous/Corporate/Armed Forces. The rates applicable are given below as per the grade of the employees along with the Sum Assured eligible.

The following table shows the latest revised rate that came into effect from the month of July, 2014.

Group Position Level/Grade Monthly Subscription
Rate in Nu.
Insurance Coverage
(Sum Assured in Nu.)
A EX/ES (1 to 3) 500 500,000
B P1 to P5 (4 to 8) 400 400,000
C S1 to S5(9 to 13) 300 300,000
D 01 to 04 (below 14) 200 200,000

Group Saving Linked Insurance(GSLI)

The Group Saving-Linked Insurance (GSLI) is designed especially for the working society who is not covered under GIS. The grouping is based on the basic pay and was revised w.e.f 1st September 2012. The grouping is based on the basic pay and was revised w.e.f 1st September 2012.

Groups Salary Scale Insurance Amount
(Sum Assured Nu.)
Premium (Nu.)
Subscription (Nu.)
A 60,000 & above 5,00,000 150 350 500
B 30,000 to 59,999 4,00,000 120 280 400
C 16,000 to 29,999 3,00,000 90 210 300
D 15,999 and below 2,00,000 60 140 200

GIS/GSLI Benefits:

  • Death Benefit / Total Permanent Disability = Sum Assured + Accumulated Savings * 8% p.a.
  • Retirement/Resignation = Accumulated Savings *8% p.a .
  • 100% Tax exemption on the total subscription amount for the annual PIT.
  • No medical underwriting.
  • Cheaper premiums.
Overview of the Scheme

Gratuity scheme is a retirement benefit scheme provided by the employers to their employees on separation from the service. Labour and Employment of Act of Bhutan 2007 mandates all the employers in the country to pay gratuity benefits to their employees on separation from the service.

Objective of the Scheme

  • To manage gratuity fund on behalf of the employers.
  • To invest the fund in assets where maximum return is generated and provide guaranteed return on the fund.
  • To allow contributions to the scheme as and when required and disburse the gratuity benefit payments when due.

Process of Remittance

  • RICB shall accept contribution from the employers in respect of the gratuity liability to their employers on a periodic basis.
  • The contribution collected shall be invested and a return of 8% p.a. on the contributions shall be paid.
  • RICB shall make payments from the accumulated contributions and the interest earned thereon as and when employees leave their service based on the instruction of the employer. The employer shall clearly advise as to the quantum of gratuity amount and to whom it should be paid.

Enrollment procedures

  • The interested employers/entities shall produce a copy of the company registration/license number to be enrolled in the Gratuity Scheme.
  • A Memorandum of Understanding shall be executed between RICB and the member employer/entity.
  • Initial gratuity fund/contribution shall be deposited to the Gratuity Scheme at the time of enrollment and a gratuity fund account shall be allotted to the employer/entity.
Refund procedures

  • An employer/entity shall send written instructions to the RICB specifying the quantum of amount and to whom it to be paid, whenever payment of gratuity liability becomes due to the employer/entity.
  • RICB shall make the payment from the gratuity fund account as per the instruction of the employer/entity.

RICB In Other News

Rural Life Insurance Scheme Revised

The government has revised the existing Rural Life Insurance Scheme (RLIS) to Nu 30,000 from Nu 15,000..Read more in Kuenselonline ->

Our Address
Corporate Office: Post Box 315,
Norzin Lam, Thimphu
E-Mail: contactus@ricb.bt
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Main Branch: Post Box 77;
Our Auditors
S. Jaykishan 12, Ho-chi-minh Sarani, Suite - 2D, Kolkata - 700071,Trinity Plaza, 6th floor, Unit 6A, 84/1A,
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