GRACE PERIOD FOR LIFE INSURANCE POLICIES
into account the unprecedented lock down situation as a result of Global
Pandemic Covid19, to provide relief to the life insurance policyholders, IRDAI
had announced on 23rd March 2020 and 4th April 2020, additional
Grace Period of 30 days for the policies where premium fell due in the months
of March 2020 and April 2020.
the lockdown has been further extended up to 17th May 2020, keeping
in view the difficulty faced by some policyholders to renew the policies in
time, the Authority has now allowed extended grace period up to 31st
May 2020 for all policies where premium was due in the month of March 2020.
policy holders are requested to note that the objective of Grace Period allowed
is to pay all the premiums due within that period so as to keep the policy
coverage in force.
insurance companies are equipped to provide facility to pay premiums online. The
policyholders are encouraged to make use of this provision so as to minimize
their personal visit to the offices of the insurers.
home - Stay Safe and Stay Protected.