Policyholders shall be required to pay the renewal premium for the entire period of 12 months from the date it was due, on or before April 21, IRDAI said.
Insurance regulator IRDAI has asked insurers to extend dates for renewal of health insurance policies, which are expiring during the coronavirus lockdown duration, till April 21. A notification to this effect was issued by the Department of Financial Services, Government of India, on April 1, 2020.
“The central government has directed that policyholders whose health insurance policies fall due for renewal during the period on and from March 25 up to April 14, 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 COVID-19 are allowed to make premium payment for renewal of policies to their insurers on or before April 21, 2020 to ensure continuity of the health insurance cover,” the circular said.
Policyholders shall be required to pay the renewal premium for the entire period of 12 months from the date it was due, on or before April 21, the Insurance Regulatory and Development Authority of India (IRDAI) said. Besides, it said, insurers will communicate the above details to the concerned policyholders including through e-mail, SMS, telephonically, display on website etc immediately in a manner that is correctly understood by them.
When the policy is issued after receipt of premium due on or before the last date indicated above, it will be ensured that the period of cover commences from the date the renewal was due without there being any break in the policy period provided such renewal fell due within the lockdown period, it said.
The regulator also asked the insurers to ensure that adequate arrangements are made for ease of payment of premium by policyholders during the week following the end of the lockdown period.