A 21-Day Ultimatum to ‘Prabhu Pay’ to pay the Insurance Premium Collected from the Insured two Years Ago

Kathmandu: Prabhu Mahalaxmi Life Insurance Limited has given Prabhu Technologies Pvt Ltd (Prabhu Pay) a last chance to pay the remaining insurance premiums to the insured. Prabhu Mahalaxmi issued a public notice and gave an ultimatum of 21 days. Prabhu Pay has not yet paid the remaining amount due to online premium collection through previous Prabhu Life Insurance i.e. two years ago.

Managers of Prabhu Mahalaxmi Life have told Bimapost that they had to issue a public notice with full details after the collected renewal insurance fees were not paid despite repeated requests.

It is mentioned in the public notice that Prabhu Pay has not paid the amount of 44 lakh 54 thousand 129 rupees from the collected insurance fees of 164 insured persons since 2021 even after waiting for a long time.

It is said that even after a written agreement between Prabhu Pay and the chief executive officer of both the insurance company that the payment should be made within 30 days on 18 August 2023 and if not, legal action can be taken for recovery, it is said that since the payment was not made in full, another 21 days have been given.

It has been asked to pay the remaining amount of renewal insurance fee and interest within this time, if it is not done again, legal action will be taken. It is said that if the 21-day period has passed, Central Bank and Nepal Insurance Authority can take action against Prabhu Pay. This is the last chance to pay the remaining dues for Prabhu Pay.