Lowered Volume of Policy Surrender Showers Relief for Life Insurers

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Kathmandu: The life insurance companies have felt a bit relief in the month of Ashoj 2079 amid lowered value of Policy Surrender payment. Life insurance companies have paid a total of Rs. 77.32 crore surrender value in the month of Ashoj which is 32.68 percent below than the month of Bhadra 2079.

In the month of Bhadra, 19 life insurance companies had paid a total of Rs. 1.1486 billion against the surrender value of 8,052 insurance policies. In the month of Ashoj, a total of 6,063 policies have been surrendered by the policyholders.

According the the Nepal Insurance Authority, during the first quarter of current financial year 2079-80, a total of Rs. 3.43 billion has been paid by the life insurers against surrender value. In the first three months, a total of 23,537 insurance policies have been surrendered by the policyholders.

The market leader, Nepal Life Insurance(NLIC) has the highest amount of policy surrender. It has paid Rs.28.03 crore in Ashoj 2079 against the surrender value of 2064 policies. The amount of surrender value accounts about 34 percent to the total surrender value paid by the life insurers in the same month.

According to the Authority, Sanima Life Insurance has paid  Rs.20 lakh 29 thousand against the surrender of 19 life insurance policies. It is the lowest amount of surrender value among 19 life insurer paid in the month of Ashoj alone.

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