Nepal Life Insurance Extends Grace Period for Policy Renewal with 50% Late Fee Discount

Kathmandu – Nepal Life Insurance Company Limited has extended the grace period for renewing expired insurance policies, offering a 50 percent discount on late fees.

The company had initially provided this facility for policies that had expired for more than 180 days, effective from Falgun 15 to Jestha 13 (February 27 to May 27). However, following widespread requests from policyholders, the deadline has now been extended to Asad 5 (June 19).

According to the company, insured individuals who renew their lapsed policies within this extended period will be eligible for a 50 percent waiver on the applicable late fees.

The company has clarified that this discount will be provided only once during the policy term. Additionally, if a policy renewed under this grace period is surrendered before completing one year, the discounted amount will be deducted from the surrender value.