New Delhi, April 5, 2020 Sunday
The Insurance Regulatory and Development Authority of India (IRDAI) has given life insurance policy holders more than 30 days to pay the premium. Regulators have taken this step in view of the lockdown imposed by the country on the Corona virus epidemic.
Life insurance policy holders whose renewal dates come in March and April have been given 30 days to pay the premium.
IRDA has already given extra time to pay for health insurance policies and third party motor insurance renewal premiums.
Life insurance companies and life insurance councils have asked regulators to allow extra time for paying premiums. The regulator has given the policyholder an additional 30 days to pay the premium.
Insurance companies and the council expressed concern that policy makers are having difficulty paying premiums due to a three-week nationwide consultation.
The regulator said that where the policies associated with the unit are maturing by May 31, 2020 and the payment of the value of the funds needs to be completed, the insurance companies may offer a 'settlement option' under the relevant provisions.
The IRDA circular states that this one-time option can be offered, of course, that there is no option to offer it in a particular product.
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