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As on: Feb 20, 2019 10:33 AM
Insurance regulator IRDAI ask insurers to extend grace period for renewal premium payment by 60 days
31-Aug-18   10:01 Hrs IST

Insurance Regulatory and Development Authority of India (IRDAI) on Thursday instructed life insurers to extend the grace period for payment of renewal premium by 60 days for policyholders of flood-hit Kerala and Karnataka.

Due to recent heavy rains and floods in Kerala and Karnataka, normal life has been severely affected and disrupted and policyholders are facing difficulties in timely payment of renewal premiums which might have already become due for payment, the regulator said in a statement.

"Under the circumstances, all life insurance companies are hereby instructed to facilitate such payment of renewal premiums by way of extending the existing grace period of 15 days or 30 days, as applicable to 60 days for payment of premiums due during the period from July 15, 2018 to September 30, 2018 for Kerala and for flood-affected districts of Karnataka," it said.