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.
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