New Delhi: The Insurance Regulatory Authority of India (IRDAI) has announced a major relief to health insurance customers among the coronavirus. Now health insurance policyholders will also be able to pay their premiums in installments. Those already having an insurance policy are able to renew the policy on a monthly, quarterly, quarterly or annual basis. This will be applicable in respect of those policies whose premium is payable from now till 31 March 2021.
The Insurance Regulatory and Development Authority of India (IRDAI) has asked all health insurance companies to offer premium payment option in installments to their customers. As per IRDA's instructions, the insured can pay the amount of premium on a monthly, three month, six month basis as per his convenience till 31 March 2021.
Let us tell you that the regulator has taken this step amid the impact of the Corona epidemic on economic activities. The insurance company can take payments in installments for products that they find appropriate. Earlier in September last year, IRDA allowed insurance companies to offer premium payment option (payment of premium in several installments) on the basis of certification in the case of individual health insurance products. For this, they had to get a certificate.
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