Kathmandu. Prabhu Mahalakshmi Life Insurance has announced a discount of up to 75 percent on the late fee. Issuing a notice today, the company has announced a discount of up to 75 percent on the late fee on renewal fee during the renewal of the insurance policy issued by the company from June 1to June 30. It has been clarified that this discount scheme will be applicable to schemes other than The Samunnati Life Insurance Project.
The company has announced a discount of 75 percent on late fee while renewing policies within two years, 50 percent on insurance policies spent from two years to three years and 25 percent on insurance policies spent for more than three years.
According to the company, the entire amount of late fee exemption provided will be deducted if the insurance policy incorporated in this scheme comes to surrender within two years of the revival.
Similarly, the company has clarified that the insurance policy, which has already received the late fee exemption facility, will not be included in this scheme. In addition, the company has also said that the insured who participates in this discount scheme and gets the discount will not be given interest discount again for the entire insurance period.
The company has said that necessary underwriting process has to be done to revive the insurance policy.
