“However, insurers are requested to contact the policyholders well in advance so as not to have a discontinuance in coverage,” Irdai
Corporation has offered relaxation to policyholders on payment of premiums due on inforce policies up to April 15.
This is aimed at helping policyholders who have not been able to pay the premiums on time because of the virus outbreak.
As far as the insurance companies
are concerned, Irdai
has allowed the insurers to hold board meetings due till June 30 via video-conferencing or audio visual means. In case of submission of monthly returns for March, the regulator has given additional 15 days’ time to the insurers.
“Similarly, in case of quarterly returns, an additional period up to a month will be permitted,” the regulator said.