PRESS NEWS
MINISTRY OF FINANCE
CENTRAL GOVERNMENT ISSUES NOTIFICATIONS ALLOWING HEALTH AND MOTOR (THIRD PARTY) INSURANCE POLICYHOLDERS TO MAKE PREMIUM PAYMENTS TILL MAY 15TH WHICH ARE DUE FOR RENEWAL DURING COVID-19 LOCKDOWN
TO ENSURE A CONTINUED COVER AND HASSLE-FREE CLAIMS PAYMENT DURING THE GRACE PERIOD
Posted On: 16 APR 2020 11:23AM by PIB Delhi
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 15th. This will 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 March, 2020 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.
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RM/KMN (Release ID: 1614916)