Over 45,000 Insurance Policies Surrendered in Nepal worth Rs 6 Billion
Kathmandu – Life insurance policies worth Rs 6.1 billion have been surrendered in Nepal within last five months, according to data from the Nepal Insurance Authority. By the end of the Mangsir month (mid-December), 45,060 policies had been surrendered by policyholders.
LIC Nepal recorded the highest number of surrenders during this period, with 11,793 policies worth Rs 1.93 billion terminated. Nepal Life followed closely, with 10,317 policies worth Rs 1.69 billion surrendered.
Other companies also faced significant surrenders. Asian Life saw policies worth Rs 401.4 million terminated, while National Life reported surrenders amounting to Rs 371.1 million. Similarly, SuryaJyoti Life, Himalayan Life, and MetLife reported policy surrenders worth Rs 326.4 million, Rs 283 million, and Rs 172.3 million, respectively.
Sanima Reliance Life experienced surrenders worth Rs 109.5 million, while IME Life and Citizen Life saw Rs 84.3 million and Rs 80 million in policies abandoned. Prabhu Mahalaxmi Life reported surrenders worth Rs 78 million, Reliable Nepal Life Rs 44.6 million, and Sun Nepal Life Rs 29.4 million.
