Paragraph match score 82.1%
Page A-387
Extended Grace Period for Policy Renewal
In order to address the problem of the policyholders, the Insurance Regulatory and Development Authority of India ( IRDAI ) on 23rd March 2020 had directed the insurance companies to provide a grace period of 30 days to the policyholders for the payment of the renewal premiums.
Page A-338
March 23, 2020: IRDAI Circular On ‘COVID-19 Global Pandemic Related Instructions To Life Insurers’’
The IRDAI also allowed an additional grace period of one month for premium payments of all life insurance policies due in March 2020. Insurers were also asked to maintain separate data on Covid-19 claims, which must be submitted to the IRDAI upon request. For superior monitoring of the COVID-19 scenario, insurers were directed further by IRDAI to submit reports on offices closed partially/ fully and other steps taken, every fortnight.