Speed Post News Network
New Delhi : With a view to mitigating hardship to the policyholders whose Health and Motor (Third Party) insurance policies are due for renewal during COVID-19 lockdown, the Central Government has issued Notifications allowing such policyholders to make premium payments till May 15, 2020.
This will ensure a continued cover and hassle-free claims payment during the grace period. The notification says that the policy holders whose health or motor vehicle third party insurance policies fall due for renewal during the period on and from the 25th March 25, 2020, up to May 3, 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 Coronavirus disease (COVID-19), are allowed to make such payment for renewal of policies to their insurers on or before May 15, 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, according to a PIB release.