Big breather for you from IRDAI! Worried about premium, renewal of life insurance policies? Check this

Are you worried about your pending premium payment or renewal of life insurance policy? Here is big breather for you from insurance regulator Insurance Regulatory and Development Authority of India (IRDAI). The regulator has again extended the grace period for premium payment or renewal of life insurance policies, which were due in March, till May 31.

What IRDAI said?

"As the lockdown has been extended up to May 17, keeping in view the difficulty faced by some policy holders in renewing their policies in time, the IRDAI has allowed extended grace period up to May 31 for all policies where premium was due in March," it said. 

The Insurance Regulatory and Development Authority of India (IRDAI) had on March 23 and April 4 announced additional grace period of 30 days for policies where premium was due in March and April to provide relief to the policy holders amid the nationwide lockdown. 

The objective of the grace period, it said was to pay all the premiums due within that period to keep the policy coverage in force. 

"Life insurance companies are equipped to provide facility to pay premiums online. The policy holders are encouraged to make use of this to minimise their personal visit to the offices of the insurers," it said. 

Earlier, on Apr 5, the Insurance Regulatory and Development Authority of India (IRDAI) had extended the deadline for paying premium of life insurance policies, by another 30 days, which were originally scheduled to be paid in March and April. The insurance sector regulator had earlier provided a similar additional grace period to those life insurance policy holders whose premium was due for payment in March.