Coronavirus Effect – Extend your Insurance Premiums due in March 2020

Considering the Coronavirus issue, IRDA allowed policyholders to extend your Insurance Premiums due in March 2020 by 30 days.

As you may be aware that Coronavirus forced us to lock-in to our home. Many are under trouble to pay the premium which was due in March. It is the biggest hurdle especially for those who are addicted to the physical mode of Life Insurance Premium.

Coronavirus Effect – Extend your Insurance Premiums due in March 2020

Considering all these, IRDA yesterday released a press statement. I am sharing the same with you all.

Extend your Insurance Premiums due in March 2020

Few cautions:-

# For Life Insurance Policies, your grace period changes based on the premium payment option you selected. For example, the grace period for monthly payment is 15 days. However, for other modes of payments like yearly it is 30 days.

Also, IRDA mentioned clearly that it is not a default another 30 days grace period from the Life Insurance companies. It clearly mentioned, ” if desired by the policyholders“.

Hence, it is your responsibility to approach the Life Insurance Company (even though few are offering on their own like LIC offering relaxation on the premium payment on all your active policies up to 15th April 2020) and request for the extension from the due date (do remember that your due date differs as I mentioned above) to another 30 days.

Pay the premium within this extension period to make sure that your policy is live.

# For Health Insurance Policies, the usual grace period is 15 days from the due date. Here also, IRDA allowing the policyholders to pay the premium by extending another 30 days grace period.

I hope now it is clear to all of you on how to utilize this additional grace period if your Life and Health Insurance Premiums are due in the month of March.

8 Comments

  1. Dear Basvaraj

    I am very new in this and just had a doubt what if I miss my due date? and I heard this term “life insurance company ratings” what does that mean?

    Rakesh Singh

    Reply
    • Dear Rakesh,
      If you miss the due date even after the grace period, then the policy will be considered as lapsed. To reinstate, you have to go again with the procedure followed by Life Insurance companies. Stay away from so-called RATINGS.

      Reply
  2. sir
    i invest in ppf every year on or before 5th april,this year also should i in invest in april or july so that i can take 80 cc benefits.

    Reply
    • Dear Dilip,
      Better to stick to your schedule. If you delay and invest in June, you will end up in loss of 3 months interest.

      Reply
  3. Can some private Life Insurance Company reject your claim by force majeure like corona virus this is from hdfclife siteThe performance of our obligations under these Terms may be interrupted and shall be excused by the occurrence of a force majeure

    As receiving WhatsApp message which says LIC will pay also during force majure like war pandamic earthquake unlike pvt comapanies

    Reply
    • Dear Dr.Priya,
      As per the IRDA instruction, all the Insurance Companies will accept the death due to Corona Virus.

      Reply
  4. Dear Basu

    Your information are always very much on time. Thanks for informing your readers that 30 days grace period has been allowed by IRDA. In the above ‘PRESS RELEASE’ the date of the communication is missing?

    RK Bhuwalka

    Reply

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