Kathmandu. Current Fiscal Year 2083. In the first month of July 2018, life insurance companies have paid more than Rs 1.30 billion to the insured for the surrender of insurance policies.
According to the data released by the Nepal Insurance Authority, life insurers have paid Rs 1.30 billion to the insured for surrendering the insurance policy in July. This amount has been paid for the surrender of 7,411 insurance policies.
In the previous fiscal year 2082. In July 2018, the companies surrendered 7,666 insurance policies and paid Rs 1.24 billion to the insured. The number of insurance premiums decreased by 3.33 percent in July of the current year compared to the previous year, while the amount released for surrender increased by 5.07 percent.
Similarly, the number of insurance policies spent in life companies has decreased during the review period compared to the previous year, while the amount spent has increased. Life insurance companies are yet to collect Rs 39.14 billion from 10,25,548 spent insurance policies till mid-July of the current fiscal year.
As of mid-July last year, the companies had to collect Rs 37.39 billion from 12,29,446 expired policies. The number of policies issued during the review period decreased by 16.58 per cent compared to the previous year, while the amount of insurance policies spent increased by 4.67 per cent.
