Discount Facility on Himalayan Life’s Renewal Period cut Personal Insurance Articles

Himalayan Life Insurance Limited has introduced a discount facility. The company has introduced a discount facility on late fee (interest penalty) on lapsed (renewal period cut) insurance articles.

Insurance articles that have been insured on different dates from the company have been exempted from late fees and interest penalties when renewing the insurance articles from 10th to 22nd of November.This discount will also be applicable on the insurance policies of Same Prime Life Insurance, United Life Insurance and Gurans Life Insurance before the merger.

Interest and penalties will be 100% waived for the insurance period of up to three years. Similarly, there will be a 50 percent discount on interest and penalties for periods above three years to seven years.

According to the company, 25 percent discount on interest and penalty will be given for any period from seven years. The discount facility given on revival of such lapsed insurance article will be provided only once during the insurance period.