In the midst of the ongoing lockdown in India, the insurance sector regulator Irdai has announced an additional 30 days to pay the premium for life insurance policies. In March and April, the regulator has decided to extend the deadline for payment of premium for a policy with renewal date. The Insurance Regulatory and Development Authority of India (Irdai) has already extended the deadline for payment of renewal premiums for health insurance and motor third party insurance. After the representatives of the life insurance companies and representatives of the Life Insurance Council made their remarks, the regulator announced a further 30 days for the payment of the premium.
For your information, let us tell you that the insurance companies and the council informed Irdai about the problems and operational difficulties faced by the policy holders due to the three-week lockdown and social destancing consultation. It is noteworthy that the corona virus has taken over 200 countries of the world. Due to this, more than 50,000 people have died so far.
Apart from this, Irdai said last week that due to renewal between March 25 to April 14, 2020, DU Motor Third Party Insurance and Health Insurance Premium can be paid from April 21, 2020. Risk coverage will continue to be available from the due date of renewal of such policy.
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