Home >> What's New
Visitors count:2937
 What's New
Zoom OutDefaultZoom In
Print Print Document  Pdf Download PDF      
To all the CEOs of Life Insurance Companies
Ref. No:IRDA/ACTL/CIR/ULIP/236/11/2016 Date:25-11-2016
Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization
 
To
All the CEOs of the Life Insurance Companies
 
Re: Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization
 
We are in receipt of a representation from Life Insurance Council to extend grace period by an additional 30 days for all the Policies whose premium fell/falls due on or after 8th November, 2016 till 31st December, 2016.
 
After examining the representation and keeping in view the inconvenience to policyholders, the Authority in exercise of the powers conferred under Sec. 14.(2).(b) of IRDA Act, 1999 hereby allows the extension of grace period by an additional 30 days for all the Policies issued by life insurers the premium/s of which fell/falls due on or after 8th November, 2016 till 31st December, 2016. 
 
This special one off dispensation is given so that policyholders do not suffer from non-payment of due premiums due to recent cash crunch. All life insurers are advised to comply.
 
 
(Pournima Gupte)
Member (Actuary)
Insurance Regulatory and Development Authority of India. All Right Reserved.