The Insurance Regulatory and Development Authority of India (IRDAI) has allowed the grace period for Life Insurance Policies where the Premium falls due in the month of March 2020 till 31st May 2020.
In Circular issued by IRDAI said that “On a review of the recent situation of lockdown resulting from Global Pandemic of Covid19 across the country and representations received, it has been decided that, for all life insurance policies where the premium falls due in the month of March 2020, the Grace period shall be allowed till 31st May 2020”.
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory body tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999, IRDAI is a 10-member body including the chairman, five full-time and four part-time members appointed by the government of India.
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