Life insurance policy surrenders worth Rs1.24 billion by Sawan, lapsed policy value crosses Rs37 billion

According to the Nepal Insurance Authority, both the number and amount of life insurance policy surrenders declined in the month of Sawan, while lapsed policies increased.

Authority data shows that by the end of Sawan, about 7,666 policies had been surrendered, with a total surrender value of nearly 1.2451 billion rupees. In Sawan of the previous year, surrenders had totaled about 1.54 billion rupees, meaning this year's figure is around 19 percent lower.

The number of surrendered policies also fell by about 25.5 percent, from roughly 10,292 in the previous year.

Over the same period, policies lapsing due to unpaid premiums increased. According to the authority, the number of lapsed policies rose from about 1,178,000 to nearly 1,229,000, an increase of about 4.32 percent.

The value of lapsed policies also rose, from about 34.81 billion rupees to nearly 37.40 billion rupees.