Citizen Life Offers Up to 100% Discount on Lapsed Policy Renewals

Kathmandu — Citizen Life Insurance Company Limited has announced a special discount campaign on the interest charged for the renewal of lapsed insurance coverge.

The offer, which runs from 12th to 27th Jestha (May 26 – June 10), provides policyholders with significant waivers on late fees based on the duration of lapse. According to the company, policies that have lapsed for up to 2 years will receive a 100 percent discount on the interest amount, while those lapsed for 2 to 3 years will receive a 75 percent discount. Policies lapsed for more than 3 years are eligible for a 50 percent discount.

Citizen Life has clarified that this facility can be availed only once during the term of the policy. Furthermore, if a policy renewed under this scheme is surrendered within two years, the discount amount will be deducted from the payout.