IRDAI Extends Grace Period For Life Insurance Policies Till May 31

IRDAI, the insurance regulator, has yet again extended the grace period for renewal premium payment of life insurance policies whose premium became due between March and May 31 in the wake of extended lockdown.

Earlier also on March 23 and April 4, the regulator granted a 30 days additional grace period for polices whose renewal premium payment was due in March and April. This was announced to provide relief to policyholders hit by the global Covid 19 pandemic, said the regulator.

IRDAI Extends Grace Period For Life Insurance Policies Till May 31

So now as the lockdown was again extended to May 17, the grace period has been increased for all policies that were due for renewal payment in March to May 31.

"On a review of the recent situation of lockdown resulting from global pandemic of COVID-19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the grace period shall be allowed till May 31, 2020," it said in a release.

Giving the rationale for this relaxation, the authority said it is aimed to ensure that policyholders make the payment within the allowed period and keep their policies in force.
Also, those willing to make the premium payment online can do so.

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