IRDAI has directed life insurance companies to give additional time to policyholders to renew their policies. With this, life insurance policies due for renewal in March and April can be renewed till May 31.
This has been done dur to the extension of nationwide lockdown to May 18. IRDAI said, “On a review of the recent situation of lockdown resulting from global pandemic of covid19 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.”
Further, these policyholders will also get grace period of another 30 days after May 31 to renew policies.
The regulator also urged policyholders to pay their premiums online through banking, debit card, credit card or apps such as Paytm, PhonePe, Google Pay, BHIM, UPI and so on.
