Insurance Regulatory and Development Authority of India (IRDAI) has again extended the grace period for premium payment or renewal of life insurance policies amidst the ongoing Covid-19 crisis.
IRDAI has now extended the grace period up to 31st May this year for all policies where premium was due in the month of March.
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The new extension was announced by the authority in view of difficulties placed by some policyholders to renew the policies in time as the lockdown in the country is extended till May 17.
IRDAI said in a press release: “Life insurance companies are equipped to provide the facility to pay premiums online. The policyholders are encouraged to make use of this provision so as to minimise their personal visit to the offices of the insurers.”
The objective of the grace period was to pay all the premiums due within that period to keep the policy coverage in force, it said.
Earlier in March and April, the authority offered an additional grace period of 30 days for policies where the premium was due in the months of March and April.
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By GlobalDataThe move was intended to provide relief to policyholders in the wake of an unprecedented nationwide lockdown situation due to the global pandemic.
