Grace period for life insurance policies extended till May 31

Insurance regulator IRDAI has again extended the grace period for premium payment or renewal of life insurance policies, which were due in March, till May 31.

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

'Life insurance companies are equipped to provide facility to pay premiums online'

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 a premium was due in March and April to provide relief to the policyholders 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 a facility to pay premiums online. The policyholders are encouraged to make use of this to minimise their personal visit to the offices of the insurers," it said.