Kathmandu: The policyholders of life insurance companies took away above NPR 1.08 billion against surrender value within the last month. The surrender value payment of Fagun 2079 equals 65 percent of the new business fee excluding collection from term and foreign employment insurance collected by life insurers.
According to the data unveiled by the Nepal Insurance Authority, a total of 8,393 policies were surrendered by the policyholders to obtain the surrender value. In the previous month, Magh 2079, policyholders had withdrawn NPR 1.32 billion surrendering 9,839 policies.
Industry experts have shared that the ongoing economic recession has compelled common people to utilize every possible means of financial arrangement which has burdened the policy surrender.
