Lockdown period COVID 19
Notification from IRDAI on Premium payment for renewal of Motor Third Party Insurance policies and Health Insurance Polices falling due during the lockdown period as a result of COVID 19 situation
Vide the notification dated 15th April 2020, the Central Government has directed that policyholders whose Motor Vehicle Third Party Insurance policies and Health insurance policies fall due for renewal during the period on and from 25th March, 2020 up to 3rd May, 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of COVID 19 are allowed to make premium payment for renewal of policies to their insurers on or before 15th May, 2020 to ensure continuity of the Motor Third Party Insurance cover as well as the health insurance cover.
With regard to Motor policies, this relaxation is applicable to Standalone Motor Third Party Insurance policies and also Third Party portion (alone) of Motor Package policies. There is no relaxation for the Own Damage component of the Motor Package policies.
With regard to Health policies, this relaxation is applicable to both Individual as well as Group Health policies of Health Insurance.
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.
Policyholders shall be required to pay the renewal premium for the entire period of 12 months from the date it was due, on or before 15th May, 2020. Policyholders can remit the renewal premium at any time through electronic or digital means, though 15th May, 2020 is the outer limit.