New Delhi: Insurance coverage Regulatory and Growth Authority of India (IRDAI) has prolonged additional the date for paying premium of Life Insurance coverage Insurance policies amidst the third part of lockdown that can go on until Could 17 to combat the COVID-19 Pandemic.
The Insurance coverage regulator in a current round stated, “Because the lockdown has been additional prolonged as much as 17th Could 2020, holding in view the problem confronted by some policyholders to resume the insurance policies in time, the Authority has now allowed prolonged grace interval as much as 31st Could 2020 for all insurance policies the place premium was due within the month of March 2020.”
Earlier, IRDAI had introduced on March 23 2020 and April 4 2020, further Grace Interval of 30 days for the insurance policies the place premium fell due within the months of March 2020 and April 2020.
IRDAI has requested all coverage holders that the target of Grace Interval allowed is to pay all of the premiums due inside that interval in order to maintain the coverage protection in drive.
“Life insurance coverage corporations are geared up to supply facility to pay premiums on-line. The policyholders are inspired to utilize this provision in order to attenuate their private go to to the workplaces of the insurers,” the insurance coverage regulatory physique additional added.