The Ministry of Finance on Friday has issued notification thereby allowing Health and Motor Insurance Policyholders to make premium payments which are due during COVID-19 lock-down till 15th May in the interest to support the countryman.

Key Takeaways:

  • Premium due between 25th March to 3rd May 2020
  • Health, Motor Insurance included for extension
  • Pay before or by 15th May 2020

The decision has been taken to mitigate hardships to the policyholders which comes as a relief for a while for users. 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 policyholders 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 because 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.