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The Insurance Regulatory and Development Authority of India clarifies that the circular on the extension of the grace period for life insurance renewal premiums does not instruct insurers to accept old five hundred and one thousand rupee notes. The Authority issues this clarification because a news item indicates that insurers receive instructions to accept the old notes for insurance premium deposits. Life insurance companies must note that the previous circular only extends the grace period.
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[Image omitted. See the official document.]
भारतीय बीमा विनियामक और विकास प्राधिकरण INSURANCE REGULATORY AND DEVELOPMENT AUTHORITY OF INDIA
Circular
Ref No.: IRDA/ACTL/.CIR/MISC/238/11/2016
29th November, 2016
To
All the CEOs of the Life Insurance Companies
Re: Clarification on "Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization"
Reference is drawn to the Circular Ref: IRDA/ACTL/CIR/ULIP/236/11/2016 dated 25th November, 2016 on "Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization".
It has come to the Authority's notice that there is a news item floating in the press that the Authority has instructed insurers to accept old Rs. 500 and Rs. 1000 notes for depositing insurance premium.
Please note that the above circular does not mention acceptance of the said old notes and it merely extends the grace period of the policies issued by life insurers as mentioned in the above circular.
[Image omitted. See the official document.]
(Pournima Gupte) Member (Actuary)
परिश्रमिक भवन, तीसरा तल, बशीरबाग़, हैदराबाद-500 004. भारत फ़ोन: 91-040-2338 1100, फ़ैक्स: 91-040-6682 3334 ई-मेल: irda@irda.gov.in वेब: www.irda.gov.in
Parisharam Bhavan, 3rd Floor, Basheer Bagh, Hyderabad-500 004. India. Ph.: 91-040-2338 1100, Fax: 91-040-6682 3334 E-mail : irda@irda.gov.in Web.: www.irda.gov.in
