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The Insurance Regulatory and Development Authority of India allows an extended grace period until 31st May 2020 for life insurance policy premiums that fall due in the month of March 2020. This extension applies to all life insurance policies because of the lockdown from the Covid-19 pandemic.
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Ref: IRDAI/Life/Cir/MISC/114/05/2020 9th May 2020
Sub: Grace Period up to 31st May 2020 This is further to the Authority’s Circulars Ref: IRDA/Life/Cir/MISC/072/03/2020 dated 23rd March 2020 and Ref: IRDAI/Life/Cir/MISC/078/04/2020 dated 4th April 2020. On a review of the recent situation of lockdown resulting from Global Pandemic of Covid19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the Grace period shall be allowed till 31st May 2020.
Member(Life)
