Health insurance companies were asked to extend dates for renewal of insurance policies, which are expiring during the coronavirus lockdown duration Considering the hardships people are facing amid coronavirus outbreak in the country, the Insurance Regulatory and Development Authority (IRDAI) announced a slew of measures for policyholders and insurance companies.
Last month, the insurance regulator asked life insurers to extend the grace period for payment renewal premiums by an additional window of up to 30 days if policyholders want it.
All the major insurance companies including ICICI Prudential Life insurance, SBI Life Insurance extended the grace period for paying renewal premiums in March in the view of coronavirus pandemic.