The Insurance coverage Regulatory and Growth Authority of India (IRDAI) has prolonged until Could 31 the grace interval to pay premium for all times insurance coverage insurance policies whose cost date was in March 2020.
The choice got here within the backdrop of the COVID-19 triggered lockdown prolonged, by the Union authorities, as much as Could 17.
The insurance coverage regulator had earlier introduced an extra grace interval of 30 days for the life insurance coverage insurance policies the place premium due date fell in March and April.
“As the lockdown has been further extended up to May 17 [and] keeping in view the difficulty faced by some policyholders to renew the policies in time, the Authority has now allowed extended grace period upto May 31 for all policies where premium was due in the month of March 2020,” IRDAI stated on Saturday.
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