Relaxation to Life Insurance Policyholders - Premium Upto 31.05.2020

“Relaxation to Life Insurance Policyholders - Premium Upto 31.05.2020” Key highlights • ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES

CS Lalit Rajput

May 11, 2020

Last update on May 11, 2020

“Relaxation to Life Insurance Policyholders - Premium Upto 31.05.2020”

Key highlights

• ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES • IRDAI extended grace period up to 31st May 2020 for all policies where premium was due in the month of March 2020.

Overview:

The Insurance Regulatory and Development Authority of India (IRDAI) vide Circular Ref: IRDAI/Life/Grace Period dated 09.05.2020 has ADDITIONAL GRACE PERIOD FOR LIFE INSURANCE POLICIES in the context of Covid-19 pandemic.

Key Highlights:

1. First, IRDAI had announced on 23rd March 2020 and 4th April 2020, additional Grace Period of 30 days for the policies where premium fell due in the months of March 2020 and April 2020. 2. Now lockdown has been further extended up to 17th May 2020, the Authority has now allowed extended grace period up to 31st May 2020 for all policies where premium was due in the month of March 2020. [caption id="attachment_88674" align="aligncenter" width="498"]

“Relaxation to Life Insurance Policyholders - Premium Upto 31.05.2020”[/caption]

3. Kindly note that:

Objective of Grace Period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force. 4. Life insurance companies are equipped to provide facility to pay premiums online. 5. The policyholders are encouraged to make use of this provision so as to minimize their personal visit to the offices of the insurers.

Link - source:

Read

Disclaimer:

IN NO EVENT THE AUTHOR SHALL BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR INCIDENTAL DAMAGE RESULTING FROM OR ARISING OUT OF OR IN CONNECTION WITH THE USE OF THIS INFORMATION. THIS HAS BEN SHARED FOR KNOWLEDGE PURPOSES ONLY. Tags : News

About Author

CS Lalit Rajput

Company Secretary

Lalit Rajput is a qualified Company Secretary and graduate with 5+ years’ experience in handling Secretarial and Compliance management. Working as Proprietor at Lalit Rajput &Associates, Company Secretaries and Compliance Head at EDUXGURU. Key areas include handling Compliances related to Secretarial, Start-ups, SEBI, FEMA, Labour Laws, GST, NCLT, IPR, MCA/ROC, RTA etc. He has started his career in Adventz Group with one of leading EPC Company, Kalindee Rail Nirman - A Div. Of Texmaco Rail & Engineering Limited (erstwhile known as Kalindee Rail Nirman (Engrs.) Ltd.) and after that worked with Outcome Solutions & Services LLP, a Risk Advisory firm and S. Srinivasan & Co.,Leading Company Secretaries firm in Mumbai and Chennai. He is also an active blogger/Author at many platform and has written various articles on: Taxguru, Compliance Calendar LLP, Studycafe, Caclubindia, Casansaar, theTaxTalk, Lawyer’s Connect, IPleaders, Governance Professionals, Lawyers club India, Dealout Professionals and many more. He has also blogger at ENLIGHTEN GOVERNANCE and contributed articles in ICSI E-Corporate Manager published by ICSI Ahmadabad Chapter.