Life insurance policyholders gets additional 30 days grace period for paying premium falling due in Mar and Apr,2020

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The Insurance Regulatory and Development Authority of India (IRDAI) has received various representations from Life Insurers and the Life Insurance Council expressing various operational constraints and difficulties being faced by policyholders due to nationwide three week lockdown and social distancing norms. Therefore, in order to tackle such problem, IRDAI has decided to provide an additional 30-days grace period for life insurance policyholders to pay the premium on policies, whose renewal date falls in March and April.  The grace has been offered to provide some relief to the policyholders amid the lockdown imposed to fight against corona virus pandemic.

Complete Circular can be accessed: http://www.a2ztaxcorp.com/wp-content/uploads/2020/04/life-insurance-policyholders-gets-additional-30-days-grace-period-for-paying-premium-falling-due-in-mar-and-apr2020.pdf

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