New Delhi: Insurance Regulatory and Development Authority of India (Irdai) on Friday 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 15 July 2018 to 30 September, 2018 for Kerala and for flood affected districts of Karnataka," it said. Coverage under such policies may get lapsed due to non-payment of renewal premiums, it said.
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