Money & Banking

Grace period for renewal of motor, health policies extended till May 15

Hyderabad | Updated on April 17, 2020 Published on April 17, 2020

The renewal deadlines for motor, third-party and health insurance policies have been extended till May 15, 2020.

In view of the extension of national lockdown by the Government of India till May 3, all mandatory motor third-party insurance policy and health cover renewals which are scheduled from March 25 to May 3, 2020 are now allowed to renew their policies before May 15, 2020, the Department of Financial Services said in a notification.

In a separate circular, the Insurance Regulatory and Development Authority of India (IRDAI) has also asked general insurers and stand-alone health insurance companies to extend the deadline for health insurance policy renewal up to May 15 in line with the government circular.

The continuity of health cover policies the renewal dates of which fall between March 25-May 3 should be ensured till the extension of deadline for renewal premium, it said.

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Published on April 17, 2020
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