The insurance regulator in India, Insurance Regulatory and Development Authority of India (IRDAI) has announced its decision on insurance policies. IRDAI has 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 policy holders in renewing their policies in time, the IRDAI has allowed extended grace period up to May 31 for all policies where premium was due in March,” it said.
IRDAI has earlier on March 23 and April 4 announced additional grace period of 30 days for policies where premium was due in March and April .
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