Insurance Regulatory and Development Authority of India (IRDAI) today instructed life insurers to extend the grace period for payment of renewal premium by 60 days for policyholders of flood-hit Kerala and Karnataka. Due to recent heavy rains and floods in Kerala and Karnataka, normal life has been severely affected and disrupted and policyholders are facing difficulties in timely payment of renewal premiums which might have already become due for payment, the regulator said in a statement.
