Insurance Renewal Grace Period up to 31-05-2020
Sub: Grace Period up to 31st May 2020
This is further to the Authority’s Circulars Ref:IRDA/Life/Cir/MISC/072/03/2020 dated 23rd March 2020 and Ref: IRDAI/Life/Cir/MISC/078/04/2020 dated 4th April 2020.
On a review of the recent situation of lockdown resulting from Global Pandemic of Covid19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the Grace period shall be allowed till 31st May 2020.
ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES
Taking into account the unprecedented lock down situation as a result of Global Pandemic Covid19, to provide relief to the life insurance policyholders, IRDAI had announced on 23rd March 2020 and 4th April 2020, additional Grace Period of 30 days for the policies where premium fell due in the months of March 2020 and April 2020.
As the lockdown has been further extended up to 17th May 2020, keeping in view the difficulty faced by some policyholders to renew the policies in time, the Authority has now allowed extended grace period up to 31st May 2020 for all policies where premium was due in the month of March 2020.
All policy holders are requested to note that the objective of Grace Period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force.
Life insurance companies are equipped to provide facility to pay premiums online. The policyholders are encouraged to make use of this provision so as to minimize their personal visit to the offices of the insurers.
Stay home – Stay Safe and Stay Protected.