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Insurers must cover health insurance policy risks when renewal premiums are due between 25th March 2020 and 14th April 2020 but remain unpaid due to the lockdown, provided the policyholder pays the premium on or before 21st April 2020. This rule applies to both individual policies and group policies of health insurance business. The commencement date of the renewed policy starts from the original due date of the renewal premium. Policyholders can remit premiums at any time through electronic or digital means.
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Title:Circular
**Reference No.:**IRDAI/HLT/CIR/MISC/082/04/2020 **Date:**03/04/2020
Premium payment for renewal of Health Insurance Policies falling due during the lock down period (25th March, 2020 to 14th April, 2020) as a result of COVID 19 situation
The Authority is in receipt of a few queries in respect of Circular Ref: IRDAI/HLT/CIR/MISC/078/04/2020 dated 02nd April, 2020 on the captioned matter.
The queries and the responses thereto are given hereunder:
Ans: Policyholders could face difficulties in remitting renewal premium during the lock down period. Therefore the insurers are directed to cover the risk in cases where renewal premiums are due but could not be paid during the period 25th March, 2020 to 14th April, 2020 provided renewal premium is paid on or before 21st April, 2020.
Ans: This is applicable to all policies, that is, both individual and group policies of health insurance business.
Ans: The commencement of the renewed policy shall be the date on which the renewal premium is actually due. For example; If an existing policy expires on 27th March, 2020 and the renewal premium is paid on 20th April, 2020, the renewal of the policy shall be effective from 28th March, 2020.
Ans: IRDAI advises policyholder to remit premiums in time. All Insurers, insurance agents and insurance intermediaries are expected to advice policyholders for remitting the renewal premiums.
Ans: Policyholders can remit the renewal premium at any time through electronic or digital means, though 21st April, 2020 is the outer limit.
(T L Alamelu)
MEMBER (Non-Life)
