IRDAI Extends Grace Period For Paying Life Insurance Policy Premiums Till May 31
Money & Banking
The Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has extended the grace period for payment of premium for life insurance policies till May 31, 2020.
As a result, a policy premium which was due to be paid in March 2020, can now be paid on or before May 31, 2020.
It may be noted that the IRDA had earlier provide grace period for payment life insurance premium by an additional 30 days in view of the Covid-19 pandemic. However, as the lockdown has been extended till May 17, the regulator has extended the grace period keeping in mind the difficulty faced by some policyholders.
“The policyholders are requested to note that the objective of the grace period allowed is to pay all premiums due within that period so as to keep the policy coverage in force,” IRDAI said in a release.
All the insures are equipped to provide online payment facility, and policyholders should use it to minimize personal visit to offices of the insurers, it said.
Published on
May 11, 2020
The Insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) has extended the grace period for payment of premium for life insurance policies till May 31, 2020.
As a result, a policy premium which was due to be paid in March 2020, can now be paid on or before May 31, 2020.
It may be noted that the IRDA had earlier provide grace period for payment life insurance premium by an additional 30 days in view of the Covid-19 pandemic. However, as the lockdown has been extended till May 17, the regulator has extended the grace period keeping in mind the difficulty faced by some policyholders.
“The policyholders are requested to note that the objective of the grace period allowed is to pay all premiums due within that period so as to keep the policy coverage in force,” IRDAI said in a release.
All the insures are equipped to provide online payment facility, and policyholders should use it to minimize personal visit to offices of the insurers, it said.
Published on
USAA Stands With Our Communities To Provide Support Amid Devastating Texas Floods
Association commits $500,000 and activates employee volunteers to support Read more
USAA To Expand Workforce In Chesapeake To Support Growing Membership
Company adding more than 500 employees in the area over the next two years Read more
USAA Advocates For Safe Driving Habits During 100 Deadliest Days Of Summer For Teens
New Safe Driving Simulator virtual experience helps drivers identify bad habits ahead of summer travels Read more
USAAs Poppy Wall Of Honor® Returns To National Mall For Sixth Year To Honor And Remember Fallen Service Members
Enhanced experience provides immersive storytelling to illustrate all that was given in service to our country Read more
USAA Appoints Brian Goldman As Chief Risk Officer
USAA announced today the appointment of Brian Goldman as its new Chief Risk Officer, effective May 27. Read more
Strong Financial Performance Reflects USAAs Unwavering Commitment To Members And The Military Community
Association added 1 million new members and continued to serve the military community and their families through enhance... Read more