Policyholders Surrender Life Insurance Policies worth Rs 3.82 Billion in Q1 of current F/Y

Kathmandu – In a significant development, nearly 28,000 policyholders have surrendered life insurance policies valued at NPR 3.82 billion in the first quarter of the current fiscal year 2024/25, according to data from the Nepal Insurance Authority.

The data reveals that LIC Nepal, Nepal Life, and Rastriya Jeevan Beema Company saw the highest surrenders. LIC Nepal reported the largest share, with policies worth NPR 1.22 billion surrendered. Nepal Life, one of the largest insurers in Nepal, followed with NPR 1.8 billion in surrendered policies, while Rastriya Jeevan Beema Company saw policy surrenders worth NPR 270 million.

Other notable surrenders included Asian Life at NPR 240 million, SuryaJyoti Life and Himalayan Life each with NPR 192.3 million, and MetLife with NPR 106.3 million. Smaller surrender amounts were also recorded by companies such as Reliance Life (NPR 77.8 million), IME Life (NPR 51.1 million), and Citizen Life (NPR 44.8 million).

Despite this trend, the life insurance sector in Nepal generated an insurance premium revenue of NPR 41.8 billion over the same period, underscoring the sector’s resilience amid policy surrenders.