Prabhu Mahalaxmi Life Insurance Announces Up to 75% Interest Discount on Lapsed Policy Renewals

Kathmandu – Prabhu Mahalaxmi Life Insurance Company has introduced a scheme offering up to 75 percent interest discount on the renewal of lapsed insurance policies. This decision comes as a response to growing demands from policyholders whose policies have expired due to unpaid premiums.

The company has announced that this discount will be applicable to lapsed policies renewed from February 4 to February 30, 2025. Policies lapsed within two years will receive a 75 percent discount on late fees, while policies lapsed for two to three years will benefit from a 50 percent discount. For policies that have been lapsed for more than three years, the company is offering a 25 percent discount.

However, the company has stipulated that if reinstated policies under this scheme are surrendered within two years of being reinstated, the entire waived late fee amount will be deducted from the settlement. Furthermore, once the interest waiver has been utilized, no additional waiver will be granted for the remaining term of the policy.