Kathmandu. Prabhu Mahalaxmi Life Insurance Company is offering up to 75 percent interest discount on renewal of expired insurance policies. Keeping in mind the demands of the insured, the company is going to give a discount on lapsed insurance policies issued by the company and which have expired due to various reasons due to unpaid premiums.
The company has stated that when revitalizing lapsed insurance policies from 22nd Falgun to 29th Falgun, 2081, by completing the necessary procedures, 75 percent will be discounted on the late fee (interest) for policies lapsed within 2 years, 50 percent on policies lapsed for a period of 2 to 3 years, and 25 percent on policies lapsed for more than 3 years.
If the revived insurance policies included in this scheme are surrendered within 2 years of revival, the entire amount of the discount on the late fee provided will be deducted. Once interest has been waived, interest will not be waived again during the insurance period.
