Nepal, July 8 -- Life insurance companies in Nepal are seeing a rising number of lapsed policies, with over 98,000 policyholders surrendering their policies mid-term in the past 11 months alone.

According to the Insurance Reflection report published by the Nepal Insurance Authority (NIA), policy renewals have dropped significantly, leaving Rs 36.51 billion worth of life insurance policies inactive as of mid-June. This marks a 10.54 percent increase in lapsed policy value compared to the same period last fiscal year.

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A total of 1.24 million policies were not renewed this year, compared to 1.14 million last year, an 8.77 percent rise. The surrendered policy ...