Citizen Life Insurance Announces Full Interest Exemption on Lapsed Policies

Kathmandu — Citizen Life Insurance Company has introduced a special provision granting up to 100 percent exemption on late fees for lapsed insurance policies, aiming to support policyholders facing difficulties in premium payments.

The company stated that, in light of the unusual situation prevailing in the country, many insured individuals have been unable to renew their policies on time. To address this, Citizen Life has offered a one-time opportunity to revive lapsed policies with a complete waiver of interest charges.

According to the announcement, policies revived between Bhadra 30 and Ashoj 12 (September 15 to 28) will be eligible for the facility, in line with Sub-sections (2) and (3) of Section 11 of the Life Insurance Policy Directive, 2079 issued by the Nepal Insurance Authority. This waiver will be granted only once during the entire term of an insurance policy.

However, the company clarified that if a policy revived under this scheme is surrendered within two years from the date of revival, the waived late fee amount will be fully deducted.