Covid 19 : Premium payment for health policy holders and third party motor insurance eased

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Mumbai, 2 April 2020-  The Government has provided relief for third party Motor Insurance and Health policy holders in the light of Covid-19 lockdown. The Ministry of Finance has issued notifications on April 1, 2020, stating that the renewal dates of Health and Motor insurance policies which fall in the period from March 25, 2020, to April 14, 2020, are extended till April 21, 2020 due to Coronavirus lockdown.

According to the notification issued by Ministry of Finance, “The policyholders whose motor vehicle third party insurance policies fall due for renewal during the period on and from the 25th March 2020 up to the 14th April 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 Covid 19 are allowed to make such payment to their insurers on or before the 21st April 2020 to ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal.”

Similarly, if your health insurance policy is expiring and is due for renewal in the period from March 25, 2020, to April 14, 2020, you can renew your policy by April 21, 2020.