Irdai gives relief to life insured, now premium can be deposited by May 31

New Delhi Insurance regulator Irdai has once again extended the additional time given for renewal of life insurance policies. Irdai has said that the policy whose premium was to be paid in March can now be paid till May 31. The regulator has extended the grace period for premium payments in view of extending the applicable lockdown period to fight coronavirus infection. Earlier, Irdai had announced a grace period of 30 days for payment of premium for renewal policies in March and April on 23 March and 4 April.   

The Insurance Regulatory and Development Authority of India (Irdai) announced these measures to provide relief to life insured in view of the unprecedented situation arising out of the enforced lockdown caused by the global pandemic Kovid-19. 

After extending the lockdown till May 17, Irdai has now announced an extension of the grace period to May 31 for payment of premiums for all life insurance policies whose premiums were to be paid in March. The regulator has taken this decision in view of the difficulties faced by some policyholders in getting the policy renewed at this time.

Irdai has issued a release saying, “Based on the review of the latest situation arising out of the lockdown due to global epidemic like Kovid-19 and the suggestions received from us, it has been decided that due to renewal in March, 2020, all such The premiums for life insurance policies can be paid till the grace period of May 31, 2020. ”

All policyholders are requested to keep in mind that the goal of extending the grace period is to pay all due premiums during this period so that they continue to get the benefit of policy coverage.