Kathmandu: Life insurance companies have witnessed whooping number of policy surrender in the first month of current fiscal year. According to the data unveiled by the Insurance Board, a total of 8422 policy has been surrendered by the policy holder in the month of Sawan alone.
A total of Rs. 1 billion 51 crore 27 lakh 67 thousand has been withdrawn from the life fund against policy surrender in the month of Sawan 2079-80. Nepal Life Insurance has accepted the highest number of policy surrender among 19 life insurers. It has accepted 3,624 policies worth Rs. 64 crore 91 thousand. Nepal Life has the highest number and volume of policy surrender.
Similarly, LIC Nepal has accepted 1,666 policies and paid Rs. 33 crore 45 lakh against surrender value. Asian Life Insurance falls in the third number in terms of count of policies. It has accepted 737 policies surrender and paid Rs.7 crore 24 lakh 10 thousand.