More Than 1 Billion Worth Rupees, Life Insurance Policies Surrender in one Month.

Kathmandu : Insurance policies worth more than one billion rupees have been surrendered by life insurance companies in one month by the mid of September. According to the published data by the Nepal Insurance Authority, a total of 1 billion 182 million rupees policy has been surrendered from 9 thousand 386 insured persons.

An increase in insurance policy surrender is a bad thing. Due to the weak economic condition of the country and the unhealthy competition between insurance companies, the number of insurance surrenders has increased. By the mid of September, 25 thousand 42 policyholders of Nepal Life have surrendered insurance policies worth 403.9 million rupees.

According to the details, 1 thousand 823 people of LIC Nepal have surrendered the insurance policy worth 275.8 million rupees. Similarly, 699 policyholders of National Life have surrendered policies worth Rs.105.9 million.

11 thousand 34 insured persons from the government-owned National Insurance Company have surrendered their insurance policy.

By the mid of September, 758 insured persons of Asian Life received 48.4 million rupees, 959 insured persons of Himalayan Life received 84.3 million rupees, 41 insured persons of IME Life received 4.7 million rupees, 142 insured persons of Reliable Nepal Life received 7.2 million rupees, 391 insured persons of Met Life received 300 million rupees, 159 insured persons of Sanima Reliance Life have surrendered insurance policies worth 12.3 million rupees, 203 people of Citizen Life have surrendered insurance policies worth 16.3 million rupees.