Relief On Health, Auto Insurance Policies Due For Renewal During Lockdown
Finance Minister Nirmala Sitharaman on Thursday announced relief measures for those whose health and automobile insurance policies are due for renewal during the ongoing lockdown. Such policyholders will be able to renew their policies by May 15, said Nirmala Sitharaman. The move was aimed at mitigating the hardship faced by policyholders due to the coronavirus-induced lockdown. The government has issued notifications "allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies", the Finance Minister said on Twitter.
This will impact those holding health and third-party motor insurance policies due for renewal during the March 25-May 3 period who are unable to pay the renewal premium due to the COVID-19 lockdown, according to two separate notifications issued by the Finance Ministry.Â
With a view to mitigate hardship to policyholders whose health & motor (third party) insurance policies are due for renewal during COVID-19 lockdown, Govt. has issued notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies. pic.twitter.com/KauhDvovhf
April 16, 2020This is for policies that are due between 25th March and 3rd May, in order to ensure their continuity and hassle-free claims payment during the above grace period.
April 16, 2020Eligible policyholders will be able to make payments on or before May 15 to ensure continuity of cover applicable from the original due date for renewal. In other words, insurers will continue to provide the the policy cover from the original due date.
Earlier this week, the Centre extended a 21-day nationwide lockdown by another 19 days to curb the spread of the COVID-19 disease. The government has said that all bank branches and ATMs will remain open during the lockdown period.Â
As of Thursday morning, the number of coronavirus cases in the country stood at 12,380 and 414 deaths. The World Health Organization (WHO) has said it will work with India - which eliminated polio in 2014 - to leverage the strategies that helped the country eradicate polio to fight the COVID-19 outbreak.
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