Nepal Life Insurance Policy Renewal: 50% Late Fee Discount Extended
28th May 2025, Kathmandu
Nepal Life Insurance Company Limited has extended the deadline for a special offer. Customers can now renew insurance policies that lapsed more than 180 days ago and receive a 50% discount on the late fee. The company extended the offer due to strong public demand.
Nepal Life Insurance Policy Renewal
Initial Renewal Window Introduced Earlier
Nepal Life first introduced this discount scheme from Falgun 15(27 February) to Jestha 13(26 May). The goal was to help policyholders revive long-overdue policies by easing the financial burden. The offer applied to all life insurance policies that had been inactive for over six months.
Many policyholders responded positively. The company received a large number of renewal requests within the initial period. However, as the deadline neared, even more policyholders asked for additional time to benefit from the offer.
New Deadline: Asar 5
Responding to public requests, the company has now extended the renewal period to Asar 5(19 June). This gives policyholders several more weeks to complete their renewal.
Those who renew their policies within this time will still get a 50% waiver on the applicable late renewal fees. To qualify, the policy must have lapsed for more than 180 days, and full payment must be made before the new deadline.
Who Is Eligible For This Offer?
To use this offer, a policyholder must meet these conditions:
The policy must be inactive for more than 180 days.
The full renewal premium must be paid before Asar 5919 June).
The offer is valid only once during the entire term of a policy.
This means that if someone has already used the late fee discount once before, they cannot use it again for the same policy.
Conditions After Renewal
Nepal Life has added some important terms to this renewal benefit. If a renewed policy is surrendered within one year, the company will deduct the full amount of the waived late fee from the policyholder’s payout. This condition ensures that customers do not misuse the offer.
In other words, policyholders must keep their policy active for at least one year after using this renewal scheme to avoid paying back the discount.
Why This Offer Matters
Many policyholders face challenges in paying premiums on time. Some may miss deadlines due to financial hardships, illness, or other personal issues. Over time, policies lapse and lose their benefits. This discount program gives such individuals a chance to reactivate their coverage without paying the full penalty.
The initiative supports Nepal Life’s mission to provide long-term financial protection for families. It also helps the company strengthen relationships with existing customers.
Company Encourages Timely Action
Nepal Life has encouraged all eligible policyholders to act quickly. With the extended deadline in place, customers still have time to secure this benefit. But the company has made it clear that this is a limited-time offer.
Once the Asar 5 deadline passes, standard late fees will apply again. Also, no further extension is guaranteed. Therefore, the company recommends visiting a branch office or contacting an agent as soon as possible.
What Policyholders Should Do?
Here are simple steps for policyholders to renew under the offer:
Check your policy status – Confirm it has been inactive for more than 180 days.
Visit a Nepal Life branch or connect with your agent.
Pay the renewal premium before Asar 5.
Ensure you understand the terms, especially regarding the one-year holding period.
Nepal Life branches across the country are ready to assist customers. The company is also providing support through its customer care lines and online channels.
Fair And Transparent Approach
Nepal Life has been clear about the conditions of the discount. The benefit is provided only once per policy term. If someone renews under this scheme and then surrenders the policy early, the discount amount will be deducted. This ensures fairness and responsible use of the facility.
The company has also noted that this initiative is not just about business. It reflects Nepal Life’s responsibility to support customers, especially during difficult times.
Conclusion
Nepal Life Insurance Company’s decision to extend the 50% late fee discount until Asar 5 is a welcome move. It offers relief to policyholders who missed earlier deadlines and supports the broader goal of ensuring financial security for families.
However, the company urges quick action. Eligible policyholders should renew before the deadline to take advantage of this rare opportunity.
For further details, customers can contact Nepal Life agents or visit the nearest branch office.
For more: Nepal Life Insurance Policy Renewal
