In the first two months of the current Fiscal Year (FY) 2024/25, nearly 3 billion worth of insurance policies have been surrendered.
The Insurance Authority has reported that insurance policies worth Rs 2.753 billion were surrendered in the months of Shrawan (mid-July to mid-August) and Bhadra (mid-August to mid-September).
According to the Authority, 10,292 insurance policies were surrendered in the month of Shrawan from 14 different insurance companies. The total surrendered amount for these policies is Rs 1.541 billion.
Similarly, 9,449 insurance policies were surrendered in the month of Bhadra, resulting in a surrender amount of Rs 1.212 billion. Among the 14 operating life insurance companies, LIC Nepal secured the first position in Bhadra.
LIC Nepal had 2,508 policies surrendered, amounting to Rs 358.1 million, while Nepal Life Insurance saw 2,068 policies surrendered for a total of Rs 331.192 million.
National Life Insurance Company had 1,010 policies surrendered, totaling Rs 105.8 million, and National Life Insurance had 593 policies surrendered for Rs 83.4 million.
Asian Life Insurance had 881 policies surrendered, amounting to Rs 79.6 million, and Surya Jyoti Life Insurance had 616 policies surrendered for a total of Rs 73.8 million. Himalayan Life Insurance saw 589 policies surrendered, worth Rs 57.2 million.
Sanima Reliance Life had 200 policies surrendered, amounting to Rs 32 million, Met Life had 291 policies surrendered for Rs 26.6 million, and IME Life had 162 policies surrendered totaling Rs 19.8 million.
Prabhu Mahalaxmi Life Insurance had 129 policies surrendered, worth Rs 16 million, while Citizen Life Insurance had 197 policies surrendered for a total of Rs 12.9 million. Reliable Nepal Life had 146 policies surrendered, valued at Rs 9.4 million, and Sun Nepal Life had 59 policies surrendered, amounting to Rs 5.7 million.
