Centre Extends Time For Renewal Of Health, Third Party Motor Vehicle Insurance Policies Till May 15
Taking note of the extended national lockdown till May 3 due to COVID-19 pandemic, the Ministry of Finance issued notifications to extend the time for renewal of health and third party motor vehicle insurance policies till May 15.The benefit is applicable to those policy holders whose policies fell due for renewal between March 25 and May 3 and who could not make payment due to the...
Taking note of the extended national lockdown till May 3 due to COVID-19 pandemic, the Ministry of Finance issued notifications to extend the time for renewal of health and third party motor vehicle insurance policies till May 15.
The benefit is applicable to those policy holders whose policies fell due for renewal between March 25 and May 3 and who could not make payment due to the COVID-19 situation.
This is in order to ensure their continuity and hassle-free claims payment during the above grace period, said Finance Minister Nirmala Sitharaman in a tweet.
The notifications were issued in exercise of powers under sub-sections (1) and (4) of Section 64VB of the Insurance Act, 1938 read with Rule 59 of the Insurance Rules, 1939.
On April 1, the Centre had extended the time for renewal of health and motor vehicle insurances till April 21.
Time extended for renewal of health insurance policies.
— Live Law (@LiveLawIndia) April 16, 2020
Finance Ministry allows health insurance policy holders, whose renewals are due in the period from March 25 to May 3, and who could not pay due to COVID-19, to make such payment for renewal till May 15. pic.twitter.com/Ek4c5cSuTw
Time extended for renewal of 3rd party motor insurances.
— Live Law (@LiveLawIndia) April 16, 2020
Finance Ministry allows motor vehicle third party insurance policy holders, whose renewals are due in the period from March 25 to May 3, and who could not pay due to COVID-19, to make such payment for renewal till May 15. pic.twitter.com/SecnHm7eG3