KATHMANDU: Sanima Reliance Life Insurance has launched a special policy revival campaign, offering a 100 percent waiver on late fees charged for renewing lapsed insurance policies.

The company stated that the campaign has been introduced considering policyholders who were unable to pay premiums on time due to various reasons. The revival campaign will be effective from the 6th to the 28th of the month.

Under the campaign, policyholders can renew their lapsed policies by availing a one-time interest waiver within the policy term, the company said.

However, Sanima Reliance Life Insurance clarified that if a policyholder surrenders the revived policy within six months of receiving the interest waiver, the entire waived amount will be recovered at the time of surrender.

The company also noted that policies with one year or less remaining until maturity will not be eligible for the interest waiver facility.

Normally, when a policy lapses, the insured loses risk coverage and is required to pay additional late fees. Through this revival campaign, the insurer has encouraged customers to take advantage of the waiver facility to renew their lapsed policies and restore insurance coverage.

Highlighting the importance of life insurance, the company stated that bringing every Nepali within the insurance coverage is essential to strengthening the financial security of policyholders and their dependents.

Interested customers can participate in the revival campaign through Sanima Reliance Life Insurance’s 168 branch offices nationwide or via online payment platforms, the company added.