Clarification on “Extension of grace period for payment of renewal premium

• Jll dildM INSURANCE REGULATORY AND inlai DEVELOPMENT AUTHORITY OF INDIA Circular Ref No.: IRDA/ACTt./.UR/m.rsc/238/j!I ~016 29th Novemqer, 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 25 th 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. 1:l'ft:wr '11CR, mmT c@, cii:!A<~llll , ~-500 004. ~ t: 91-040-23381100, ffi: 91-040-6682 3334 t-l'@: irda@irda.gov.in ~: www.irda.gov.in (Pournima Gupte) Member (Actuary) ~~ 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