Impact of economic recession: 9000 insurance policies were surrendered by the insured, Rs 1 billion was withdrawn from the life insurance company

Kathmandu : About 9500 insured have surrendered their insurance policies from life insurance companies. The impact of the economic downturn has also been seen in the insurance sector. In the month of December/January (Mangsir month) alone, 9,744 people have surrendered insurance policies worth 1 Billion 87 million Rupees, according to the data of the Insurance Authority.

According to the authority’s data, insurance policy surrenders of Nepal Life by 2,425 people have reached 363.5 million rupees. Government-owned Rastriya Beema Company has surrendered policies worth 120.5 million upees.

National Life’s policy worth Rs.68.2 million has been surrendered whereas LIC Nepal has surrendered a policy worth 220.8 million Rupees.

According to the data, the policies of Met Life worth 38 million rupees, Asian Life’s 87.1 million rupees and IME Life’s policy of 1.4 million rupees have been surrendered.

According to the data, the policies of Met Life worth 38 million rupees, Asian Life’s 87.1 million rupees and IME Life’s policy of 11.4 million rupees have been surrendered.