IRDAI extends Life Insurance policy premium payment date – Here’s what policy holders should know

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New Delhi: Insurance Regulatory and Development Authority of India (IRDAI) has extended further the date for paying premium of Life Insurance Policies amidst the third phase of lockdown that will go on till May 17 to fight the COVID-19 Pandemic.

The Insurance regulator in a recent circular said, “As the lockdown has been further extended up to 17th May 2020, keeping in view the difficulty faced by some policyholders to renew the policies in time, 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.”

Earlier, IRDAI had announced on March 23 2020 and April 4 2020, additional Grace Period of 30 days for the policies where premium fell due in the months of March 2020 and April 2020.

IRDAI has requested all policy holders that the objective of Grace Period allowed is to pay all the premiums due within that period so as to keep the policy coverage in force.

“Life insurance companies are equipped to provide facility to pay premiums online. The policyholders are encouraged to make use of this provision so as to minimize their personal visit to the offices of the insurers,” the insurance regulatory body further added.