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Finance Ministry allows policy holders to pay insurance premium till 15th May

The Ministry of Finance on Friday has issued notification thereby allowing Health and Motor Insurance Policyholders to make premium payments which are due for COVID-19 lockdown till 15th May.

The decision has been taken with a view to mitigate hardships to the policy holders. The Central Government has issued notifications in this regard. This will help to ensure a continued cover and hassle free claims payment during the grace period.

The notification says that the policy holders whose health or motor vehicle third party insurance policies fall due for renewal during the period on and from the 25th of  March up to the 3rd May, 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of Corona Virus disease (COVID-19), are allowed to make such payment for renewal of policies to their insurers on or before the 15th May, 2020 to ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal, so that any valid claim triggered during the grace period can be paid.

-India Legal Bureau

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