Life Insurance Policy Surrenders Reach Nearly Rs 10 Billion in Current Fiscal Year

Kathmandu – Life insurance companies in Nepal have witnessed policy surrenders amounting to nearly Rs 10 billion during the current fiscal year 2081/82. According to financial statements released by the Nepal Insurance Authority, a total of 71,554 life insurance policies worth Rs 9.87 billion have been surrendered by policyholders from eight life insurance companies.

LIC Nepal recorded the highest number of policy surrenders, with 17,889 policies valued at Rs 3.09 billion being surrendered. Nepal Life Insurance ranked second, with 15,572 policies worth Rs 2.63 billion surrendered during the period.

Similarly, government-owned Rastriya Jeevan Beema Company reported policy surrenders worth Rs 921.1 million, followed by Asian Life Insurance with Rs 611.4 million, and National Life Insurance with Rs 605.1 million. SuryaJyoti Life Insurance saw policy surrenders worth Rs 532.1 million, while Himalayan Life Insurance and Met Life reported surrenders amounting to Rs 422.7 million and Rs 279.9 million, respectively.

During the first seven months of the fiscal year, Sanima Reliance Life Insurance recorded policy surrenders worth Rs 174.5 million, IME Life Insurance Rs 135.3 million, Citizen Life Insurance Rs 184.4 million, and Prabhu Mahalaxmi Life Insurance Rs 142 million. Reliable Nepal Life Insurance and Sun Nepal Life Insurance reported policy surrenders of Rs 74.4 million and Rs 55.5 million, respectively.