Life insurance policy surrenders drain Rs 1.30 billion in Shrawan, Rs 39 billion in lapsed policies yet to be collected

Kathmandu. In the first month of the current fiscal year 2083/84, life insurance companies paid Rs 1 billion 30 million 830 thousand to policyholders for surrendering their policies in Shrawan. According to data published by the Nepal Insurance Authority, this amount was paid for the surrender of 7,411 policies.

In Shrawan of the previous fiscal year 2082/83, companies paid Rs 1 billion 24 million 510 thousand to policyholders upon the surrender of 7,666 policies. Compared to the previous year, the number of policy surrenders in Shrawan of the current year decreased by 3.33 percent, while the amount paid out due to surrenders increased by 5.07 percent.

Similarly, compared to the previous year, the number of lapsed policies in life companies decreased during the review period, but the amount of lapsed policies increased. As of Shrawan of the current year, life insurance companies have yet to collect Rs 39 billion 14 million 640 thousand from 1 million 25 thousand 548 lapsed policies.

As of Shrawan of the previous year, companies had yet to collect Rs 37 billion 39 million 820 thousand from 1 million 29 thousand 446 lapsed policies. Compared to the previous year, during the review period, the number of lapsed policies decreased by 16.58 percent, while the amount of lapsed policies increased by 4.67 percent.