Life Insurance Premium Relaxation to Policyholders – Upto 31.05.2020
The Insurance Regulatory and Development Authority of India (IRDAI) vide Circular Ref: IRDAI/Life/Grace Period dated 09.05.2020 has ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES in the context of Covid-19 pandemic. IRDAI extended grace period up to 31st May 2020 for all policies where LIC premium was due in the month of March 2020.
1. First, IRDAI had announced on 23rd March 2020 and 4th April 2020, additional Grace Period of 30 days for the policies where LIC premium fell due in the months of March 2020 and April 2020.
2. Now as lockdown has been further extended up to 17th May 2020, the Authority has allowed extended grace period up to 31st May 2020 for all policies where LIC premium was due in the month of March 2020.
3. Kindly note that: Objective of Grace Period allowed is to pay all the LIC premium due within that period so as to keep the policy coverage in force.
4. Life insurance companies are equipped to provide facility to pay premiums online.
5. The policy holders are encouraged to make use of this provision so as to minimize their personal visit to the offices of the insurers.
For any questions, you may reach us at Discussion Forum
The author of the above article is CS Lalit Rajput, Partner at Xcede Consultech LLP.
Email id: firstname.lastname@example.org
Disclaimer:The article or blog or post (by whatever name) in this website is based on the writer’s personal views and interpretation of Act. The writer does not accept any liabilities for any loss or damage of any kind arising out of information and for any actions taken in reliance thereon.
Also, www.babatax.com and its members do not accept any liability, obligation or responsibility for author’s article and understanding of user.
For Advertising with us-
- Mail us at email@example.com
- Whatsapp us at +91-7024984925