Himalayan Life Insurance has Given a Huge Discount on Late fees

Kathmandu : Himalayan Life Insurance Limited has issued a notice to waive late fees i.e. interest/penalty on lapsed insurance policies. Himalayan has publicly announced the late fee discount.

He has given time to renew and reawaken the lapsed insurance policies from Prime Life, Union Life and Gurans Life Insurance Company Limited of Same on different dates from 10th to 22nd of Mid of November 2023. It is mentioned in the notice that considerable discounts have been arranged with conditions for such renewal.

It is said that 100% interest/penalty discount will be given on the insurance policy for the lapsed period of up to 3 years, while it is said that there will be 50% interest/penalty discount on the insurance policy for the lapsed period of 3 to 7 years. Similarly, the company has clearly said that there will be a 25 percent discount on insurance policies for any period above 7 years.

It is said that the conditions must be followed. In the first condition, it is stated that ‘the discount facility given during the renewal of this type of lapsed insurance policy will be provided only once during the insurance period’. And, the second condition is that if the policyholders and proposers want to surrender the insurance policies renewed by using the facility of interest/penalty exemption from the company within two years from the date of policy renewal, the amount of interest/penalty waived will be deducted from the company.

Since the lapsed insurance policy does not carry the insurance risk, the company has requested to take advantage of interest/penalty discount by paying the renewal insurance fee of its insurance policy on time. It is stated in the notification that one can contact any provincial, branch, sub-branch office of their choice to get more information in this regard.