Paragraph match score 87.6%
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
April 4, 2020: IRDAI Circular
According to this, the IRDAI permitted an additional 30-day grace period for all life insurance premium payments due in March and April 2020. To protect policyholders of best life insurance from a volatile market, for policies maturing up to May 31, 2020, the IRDAI ordered insurers to offer policyholders a one-time option to avail of settlements as per Regulation 25 of the IRDAI.