Kathmandu. In the recent past, the amount of money coming out of the life insurance company’s surrender and the remaining amount of the outstanding insurance has increased.
Due to various reasons including increasing financial need, financial pressure, lack of knowledge of insurance, the amount of surrender of the insurance policy and the remaining amount of the outstanding amount of the insured are increasing.
A total of 80,187 insurance policies have been surrendered till the third quarter of the current fiscal year (Saun-April) released by the Nepal Insurance Authority( INSURANCEA). A total of Rs 11.09 billion has been withdrawn from the companies through the surrender of these insurance policies.
In the previous fiscal year, rs 9.94 billion had been withdrawn from the companies through the surrender of 81,136 insurance policies. The surrender amount during the review period compared to the previous year is 11. It has increased by 59 percent.
Similarly, both the number and amount of insurance policies have increased. According to the NRA data, there are 1,246,301 insurance policies till Mid-April of the current fiscal year. The companies are yet to collect Rs 36.87 billion for the insurance policies.
The company had to recover Rs 34.03 billion from 1,158,299 life insurance policies till Mid-April last year. Compared to the previous year, the amount of insurance and amount respectively is 7. 60 percent and 8. It has increased by 33 percent.
