Renewal Date Of Health, Motor Insurance Policies Further Extended To May 15

Hyderabad, April 16 (Maxim News): Central Government issued notifications allowing health and motor (third party) insurance policy holders to make premium payments till May 15 which are due for renewal during COVID-19 lockdown.

“With a view to mitigate hardship to the policyholders whose Health and Motor (Third Party) insurance policies are due for renewal during COVID-19 lockdown, the Central Government issued Notifications allowing such policyholders to make premium payments till May 15. This will ensure a continued cover and hassle-free claims payment during the grace period”, read a release from the Ministry of Finance.

According to the notification, the policy holders whose health or motor vehicle third party insurance policies fall due for renewal during the period on and from the March 25 up to the May 3 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 May 15 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. (Maxim News)