Life Insurance Policies Worth Rs 7.46 Billion Surrendered in Six Months

Kathmandu – The surrender of life insurance policies in Nepal has reached a significant figure, with policies worth Rs 7.46 billion being surrendered by the end of the Poush month (mid-January). According to the latest data from the Nepal Insurance Authority, the number of individuals prematurely ending their life insurance policies has been increasing in recent months.

A total of 54,414 policies were surrendered through various life insurance companies during this period. Among the companies, LIC Nepal reported the highest number of surrendered policies. The company recorded 13,968 surrendered policies worth Rs 2.38 billion, the highest among all insurers.

Nepal Life followed as the second-highest, with 12,241 policies worth Rs 2.2 billion being surrendered. Followed by government-owned Rastriya Jeevan Beema Company which reported policy surrenders worth Rs 670.6 million.

Other companies, including Asian Life and National Life, recorded policy surrenders worth Rs 468.1 million and 465.1 million each, while Surya Jyoti Life and Himalayan Life reported surrenders of Rs 389.4 million and Rs 332.3 million, respectively.

Additionally, Met Life saw policies worth Rs 196.6 million surrendered, while Sanima Reliance Life reported Rs 131.2 million. Citizen Life, Prabhu Mahalaxmi Life, and IME Life recorded surrenders of Rs 115.8 million, Rs 98.2 million, and Rs 90.6 million, respectively. Reliable Nepal Life and Sun Nepal Life witnessed surrenders worth Rs 55.6 million and Rs 35.2 million.