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 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.