To ease the payment of health insurance premiums amid the coronavirus outbreak, insurance regulator IRDAI has allowed health insurance companies to offer instalment facility on policies due for renewal till March 31, 2021. "In view of prevailing conditions owing to COVID-19 outbreak, considering the need for easing the payment of health insurance premiums, all the insurers are allowed to collect health insurance premiums in instalments...as they may deem appropriate for any specific product(s)," Insurance Regulatory and Development Authority said in a circular.
Earlier, the Finance Ministry had extended the renewal dates of health and motor insurance policies falling during the nationwide lockdown period till May 15 to ensure continuity.