Coronavirus lockdown: Premium payment date for renewal of health, motor insurance policies extended till 15 May
To help out people whose health and motor insurance policies are due for renewal during the coronavirus lockdown, the government has extended the renewal date till 15 May.
To help out people whose health and motor insurance policies are due for renewal during the COVID-19 lockdown, the government has extended the renewal date till 15 May.
“The policyholders whose health or motor vehicle third party insurance policies fall due for renewal during the period on and from the 25 March up to the 3 May and who are unable to make payment of their renewal premium as a result of COVID-19 , are allowed to make such payment on or before 15 May,” the Ministry of Finance said in a notification.
It added that the decision would help ensure continuity of the statutory motor vehicle third party insurance cover so that any valid claim triggered during the grace period can be paid.
In a separate circular, Insurance Regulatory and Development Authority of India (IRDAI) has issued a direction to all the stand-alone health insurers and general insurance companies regarding premium payment for renewal of health insurance policies falling due during the lockdown period (25 March to 3 May).
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