Kathmandu. More than 71,000 insurance policies of life insurance companies have been surrendered by the month of Falgun of the fiscal year 2081/82. According to the statistics of the Nepal Insurance Authority, a total of 9.87 billion 6.3 billion rupees have been surrendered from the insurance fund by the month of Falgun due to the surrender of 71,554 insurance policies.
According to the statistics received, LIC Nepal has seen the highest surrender during the review period among the life insurance companies in operation. Surrendering insurance policies is a negative indicator for the insurance sector. Recently, the rate of insurance policy surrender has been increasing in the insurance sector due to unhealthy competition, forceful insurance policy purchases, and other activities. LIC Nepal has surrendered 17,889 policies worth 3.99 billion rupees. Which is 31.38 percent of the total surrender amount of the life insurance sector.
Similarly, Nepal Life has surrendered policies worth 2.63 billion 7.6 billion rupees for 15,572 insurance policies. Which is 26.71 percent of the total surrender amount of the life insurance sector. National Life Insurance Company has surrendered policies worth 921 million rupees for 10,146 insurance policies. Which is 9.33 percent of the total surrender amount of the life insurance sector.
Asian Life has surrendered policies worth 611 million rupees for 5,824 insurance policies. Which is 6.19 percent of the total surrender amount of the life insurance sector. National Life has surrendered policies worth Rs 606.1 million for 4,160 policies. This is 6.13 percent of the total surrender amount in the life insurance sector.
Suryajyoti Life has surrendered policies worth Rs 532.1 million for 3,963 policies. This is 5.39 percent of the total surrender amount in the life insurance sector. Himalayan Life has surrendered policies worth Rs 422.7 million for 4,584 policies. This is 4.28 percent of the total surrender amount in the life insurance sector.
Met Life has surrendered policies worth Rs 279.9 million for 2,378 policies. Citizen Life has surrendered 1,959 insurance policies worth Rs 184.4 million. Sanima Reliance Life has surrendered 1,247 policies worth Rs 174.5 million.
Prabhu Mahalaxmi Life has surrendered 1,202 policies worth Rs 142 million. IME Life has surrendered 1,190 policies worth Rs 135.3 million. Reliable Nepal Life has surrendered 1,096 policies worth Rs 74.4 million. Sun Nepal Life has surrendered 526 policies worth Rs 55.5 million.
