The Number of Insureds who Surrendered their Insurance Policies

Kathmandu : Compared to last October the number of people who abandoned their October insurance policies has decreased by about 4,000. According to the Nepal Insurance Authority, both the number and amount of insurance policies have decreased in October.

In October-November, 6 thousand 91 people have given up their insurance policies worth 794.9 million rupees. While last October only in one month, 9 thousand 936 people have surrendered policies worth 1.18 billion 29 million rupees.

If we look at it on the basis of percentage, the number of policyholders abandoning the policy has decreased by 38.70 percent and the sum insured has decreased by 32.79 percent.

Among the 14 operating companies, Nepal Life has the highest amount of insurance policies surrendered, while Nepal Life is the least reliable. Nepal Life’s 26 crore 43 lakh and Reliable Nepal Life’s Rs.40 lakh 87 thousand have been surrendered.In terms of percentage, IME Life has decreased the most. Insurance policy surrender amount in the company decreased by 68.11 percent in one month.

Only Asian Life’s surrender rate increased during the review period. Insurance has increased policy surrender worth Rs.87 lakh 23 thousand in a month. The number also increased by 30.21 percent to 987.