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.
# 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.