National Life Waives Late Fee on Policy Revival for a Limited Time

Kathmandu  – National Life Insurance Company has announced a waiver on late fees for the revival of lapsed insurance policies. The offer is valid until Ashar 20 from today.

The company stated that customers who complete the revival process within this timeframe will be eligible for the fee waiver, depending on how long their policy has been inactive. Policies lapsed until Chaitra 1, 2075, will receive a 50 percent waiver on late fees. For policies that lapsed between Chaitra 2, 2075, and Chaitra 1, 2078, a 60 percent waiver is applicable. Meanwhile, policies lapsed between Chaitra 2, 2078, and Ashar 3, 2082, are eligible for a 75 percent waiver.

However, the company clarified that this facility will not apply to policies that are set to expire within two years of their revival. Additionally, policyholders who have already received a late fee waiver in the past will not be granted the full insurance term upon revival. If a revived policy under this scheme is surrendered within one year from the date of revival, the entire amount of the waived late fee will be deducted from the payable amount.