National Life Insurance Announces Massive Waiver On Lapsed Policy Renewal Fees

14th May 2026, Kathmandu

National Life Insurance Company Limited has introduced a highly beneficial special discount scheme aimed at helping policyholders restore their financial protection. This new initiative offers up to a 100 percent waiver on late fees for the revival of lapsed insurance policies.

National Life Policy Renewal

The campaign is designed to encourage individuals whose policies have stopped being active due to non payment of premiums to rejoin the insurance network without the heavy burden of accumulated penalties. This National Life policy renewal scheme is a significant opportunity for customers to secure their future and maintain their life cover under favorable financial terms.

Limited Time Window For Revival Discounts

The company has specified a very narrow window for policyholders to take advantage of this late fee waiver. The scheme is officially active from Jestha 1 to Jestha 15, 2083. During this fifteen day period, individuals who complete the necessary renewal procedures will be eligible for varying levels of discounts based on how long their policy has been in a lapsed state. National Life Insurance has emphasized that this is a limited time revival campaign intended to bring back long term customers who may have faced financial difficulties in keeping up with their premium schedules.

Tiered Late Fee Waiver Structure

To ensure a fair distribution of benefits, National Life Insurance has established a tiered structure for the late fee discounts. The amount of the waiver depends strictly on the period during which the policy remained inactive. For policies that lapsed from Chaitra 1, 2075, until the present, the company is offering a 50 percent waiver on late fees. Policies that fell into a lapsed status between Chaitra 2, 2075, and Chaitra 1, 2078, will receive a 60 percent waiver. Those that lapsed between Chaitra 2, 2078, and Chaitra 1, 2081, are eligible for a 75 percent discount. Finally, for the most recent lapses occurring from Chaitra 2, 2081, until now, a full 100 percent waiver on late fees is being provided.

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Eligibility Criteria And Specific Exclusions

While the scheme is generous, there are specific conditions that policyholders must meet to qualify for the late fee discount. National Life Insurance clarified that policies set to mature within two years from the date of revival will not be eligible for the waiver facility. Additionally, this is a one time offer for most; insured individuals who have already utilized a similar discount facility at any point in the past will not be eligible to receive it again during the remainder of their insurance term. Furthermore, policyholders availing this scheme must update their KYC details and provide Enhanced Due Diligence information if requested by the company.

Clawback Provisions For Surrendered Policies

The insurance company has also included a protective clause to prevent the misuse of the waiver scheme for immediate cash outs. If a policy revived under this discount campaign is surrendered by the policyholder within one year of the renewal date, the company will take action during the final settlement. Specifically, the entire amount of the late fee that was originally waived will be deducted from the surrender value. This ensures that the scheme primarily benefits those who intend to continue their life insurance coverage for the long term rather than those looking for a quick exit from their policy.

Communication And Outreach Efforts

To ensure that the maximum number of policyholders are informed of this opportunity, National Life Insurance has utilized multiple communication channels. The official notice was published in the Kantipur Daily and shared extensively through the company’s various social media platforms. By casting a wide net, the company hopes to reach rural and urban policyholders alike, inviting them to visit their nearest branch to settle their dues. This initiative reflects the company commitment to customer retention and the overall strengthening of the life insurance sector in Nepal by reducing the number of inactive policies.

For More: National Life Policy Renewal