Kathmandu. Nepal Life Insurance Company (NLIC) has announced a discount of up to 30% on late fees for renewal of insurance policies.
The company has issued a notice announcing a waiver on late fees for insurance policies that have passed more than 180 days without paying the insurance premium to be paid by the insured. According to the company, a 30 percent discount will be given on the late fee for renewal of insurance policies that have passed for 3 years.
Similarly, those whose policies have expired for more than 3 years and 5 years will get 25 percent discount on late fee and 20 percent discount on those policies having more than five years.
The company has clarified that if the policies included in this scheme are surrendered within 1 year from the date of revival, the entire amount of late fee waiver provided will be deducted. The company has also clarified that the insured who has already taken the late fee waiver once will not be given a rebate for the entire insurance period.
According to the company, the policy must have been completed for more than 180 days to get this discount.
