Kathmandu. Current Fiscal Year 2083. Life insurance companies have paid more than Rs 3.88 billion to the insured till the first quarter (July-September) of 2018.
According to the data released by the Nepal Insurance Authority, life insurers have paid Rs 3.88 billion to the insured for surrendering their policies in the first three months of the current fiscal year. This amount has been paid for the surrender of 23,795 policies.
The previous fiscal year 2082. As of September 2018, the companies had paid Rs 3.48 billion to the insured when 22,999 policies were surrendered. The number of insurance premiums has increased by 3.46 percent as compared to the previous year, while the amount released for surrender has increased by 11.50 percent.
Similarly, the number of insurance policies spent in life companies and the amount spent during the review period decreased as compared to the previous year. As of September of the current year, life insurance companies are yet to collect Rs 36.13 billion from 10,16,712 spent insurance policies.
As of September last year, the companies had to collect Rs 36.78 billion from 1,220,548 expired policies. The number of policies spent during the review period decreased by 16.70 percent and the amount of insurance policies spent decreased by 1.78 percent compared to the previous year.
