Kathmandu: Asian Life Insurance Company Limited has announced 50 percent interest waiver on the lapsed policy revival. Publishing a public notice today, the company has stated that discounts will be given to the policy holders whose policy remained in lapsed status since last two years. This scheme will not be applicable in case of policies which are in lapsed status above 2 years.
As per the Life Insurance Policy Guidelines issued by Insurance Board, the insured will be get the benefit of interest waiver for policy revival only once during the whole policy term. A policy is supposed to be in lapsed status if the insured fails to pay the due renewal premium within six months of the due date.
The scheme is effective from 17 September to 1 November 2021( From 1 Ashoj to 15 Kartik 2078).
