Kathmandu. KATHMANDU: Citizen Life Insurance has announced a discount of up to 100% on late fees for reviving its policies.
Issuing a notice today, the company has stated that the interest rate on the insurance policy expired from May 5 to June 5 will be waived up to 100% subject to the sub-section (2) and (3) of Section 11 of the Life Insurance Directive 2079 issued by the Nepal Insurance Authority. According to the notice, the company has provided this discount facility considering the situation in which the insurance policy has expired as the insured could not pay the insurance premium on time.
The conditions are
- The general terms of the policy will remain the same.
TAG_OPEN_li_14 This facility will be available only once during the insurance period.
Since this late fee waiver facility is only for the purpose of continuation of the policy, the entire amount of late fee waiver facility provided will be deducted if the policies included in this scheme are surrendered within 2 years from the date of revival.TAG_OPEN_li_13
The notice reads that the local companies have been urged to contact their nearest company’s branch or sub-branch office for the documents to be submitted while renewing the insurance premium within the period of the late fee waiver.
