Government has taken various measures to tackle the COVID-19 situation. The situation has an adverse impact towards the economic situation of many.
Insurance Regulatory and Development Authority of India (IRDAI), on March 23rd, made an important announcement regarding Insurance Premium. IRDAI has asked insurance companies to allow additional 30 days of grace period for payment of premiums for life insurance policies if desired by the policyholders.
During this extension period, the policy holder will continue to get the coverage/benefits of the policy. Because, the policy will not move to ‘unpaid status’. However, the policy holders must re-confirm with their insurance companies that the policy will not move to unpaid status.
Life Insurance Corporation of India (LIC) announced 30 days of grace period for the insurance premium(s) that are due in March and April 2020. This is over and above the existing grace period for your policy. i.e., this is an extension of grace period. Relaxation allowed until 22nd April for the premiums with the grace period expiring after 22nd March.
However, if you want to pay your Insurance Premium during this lock down period, you can use the Unified Payment Interface (UPI) apps. Some of the insurance companies websites also has the facility to accept premium renewal payments.
Contact your Insurance company to know more details about the concession during COVID-19 situation.