Life insurance policy surrenders pay out over Rs 2.5 billion in two months, Rs 35.59 billion in lapsed policies still to be collected
By the end of Bhadra in the current fiscal year 2083/84, life insurance companies have paid Rs 2.57 billion for policy surrenders. Although the number of surrenders decreased compared to the previous year, the amount paid increased. Both the number and amount of lapsed policies have declined, but Rs 35.59 billion remains to be collected.
Kathmandu. By the second month of the current fiscal year 2083/84, i.e., Bhadra, life insurance companies have paid Rs 2.57 billion to policyholders for surrendering their policies.
According to data published by the Nepal Insurance Authority, this amount was paid for the surrender of 14,996 insurance policies.
By Bhadra of the previous fiscal year 2082/83, companies had paid Rs 2.50 billion to policyholders for the surrender of 15,898 policies.
Compared to the previous year, by Bhadra of the current year:
- The number of policy surrenders decreased by 5.67 percent.
- The amount paid out for surrenders increased by 2.94 percent.
Similarly, during the review period, both the number of lapsed policies and the amount for lapsed policies in life companies decreased compared to the previous year.
By Bhadra of the current year, life insurance companies have yet to collect Rs 35.59 billion for 1,010,996 lapsed policies.
By Bhadra of the previous year, companies had yet to collect Rs 36.43 billion for 1,213,562 lapsed policies.
Compared to the previous year, during the review period:
- The number of lapsed policies decreased by 16.69 percent.
- The amount for lapsed policies decreased by 2.30 percent.