Coronavirus Outbreak: Govt extends renewal date for health, motor vehicle insurance policies to 15 May
The finance ministry said that with a view to mitigate hardship to policyholders whose health and motor (third party) insurance policies are due for renewal during COVID-19 lockdown, the government issued notification.
The government has extended the renewal date for health and motor vehicle insurance policies to 15 May following the extension of nationwide lockdown.
With a view to mitigate hardship to policyholders whose health & motor (third party) insurance policies are due for renewal during COVID-19 lockdown, Govt. has issued notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies. pic.twitter.com/KauhDvovhf
— NSitharamanOffice (@nsitharamanoffc) April 16, 2020
Prime Minister Narendra Modi on 14 April announced to extend the nationwide lockdown again till 3 May due to the rise in coronavirus cases in the country.
Accordingly, the finance ministry said that with a view to mitigate hardship to policyholders whose health and motor (third party) insurance policies are due for renewal during COVID-19 lockdown, the government issued notification allowing policyholders to make payments on or before 15 May towards renewal of their policies.
The notification said, " The policy holders whose motor vehicle third party insurance policies fall due for renewal during the period on and from 25 March 2020 up to 3 May 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of coronavirus pandemic are allowed to make such payment for renewal of policies to their insurers on or before 15 May to ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal so that any valid claim triggered during the grace period can be paid."
Last month, Life Insurance Corporation (LIC) had extended the deadline for paying premium to help the policy holders keeping in view the mounting coronavirus cases in the country and subsequent lockdowns declared by various state governments.
The state-run insurer, in a recent statement, said, “In view of prevailing extraordinary circumstances in the country on account of Covid-19, LIC will give relaxation to its policyholders in payment of premiums due on inforce policies up to 15 April, 2020, wherever customers are unable to deposit online or otherwise.”
Early this month, Life Insurance Council, the face of the Indian life insurance industry, had announced that all life insurers, both public and private, were committed to process any death claim pertaining to COVID-19 at the earliest.
The council also had confirmed that the clause of ‘force majeure’ would not apply in case of COVID-19 death claims.
This step was taken to reassure customers who had reached out to individual life insurance companies seeking clarity on this clause in their contract as well as to dispel rumours to the contrary.
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