Premium payment for renewal of Motor Third Party Insurance policies falling due during the lockdown period (25th March, 2020 to 14th April, 2020) as a result of COVID 19 situation

Last updated: 04 April 2020

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Due to the COVID-19 lockdown, policyholders whose motor third-party insurance renewal was due between 25th March and 14th April 2020 are granted an extension. You can now make your premium payment until 21st April 2020 to ensure your insurance cover remains continuous. Insurers will communicate this extension and make arrangements for easy payment.

Insurance Regulatory and Development Authority Circular Ref. No:IRDAI/NL/CIR/MOT/079/04/2020 Date:02-04-2020 Premium payment for renewal of Motor Third Party Insurance policies falling due during the lockdown period (25th March, 2020 to 14th April, 2020) as a result of COVID 19 situation ALL GENERAL INSURERS (OTHER THAN SPECIALISED INSURERS) Re: Premium payment for renewal of Motor Third Party Insurance policies falling due during the lockdown period (25thMarch, 2020 to 14

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FAQ :

The extended deadline for paying renewal premiums for motor third-party insurance policies that were due between 25th March 2020 and 14th April 2020 is 21st April 2020.

This extension has been granted in public interest due to the prevailing COVID-19 situation and the resulting lockdown, which may have made it difficult for policyholders to make timely payments.

If you pay your renewal premium by 21st April 2020, your insurance cover will commence from the original due date, ensuring there is no break in your statutory motor vehicle third-party insurance cover.

Yes, policyholders are required to pay the renewal premium for the entire 12-month period from the date it was originally due.

Insurers will communicate these details to policyholders through various channels such as email, SMS, phone calls, and website displays, ensuring the information is clearly understood.

Yes, insurers are required to make adequate arrangements for policyholders to easily pay their premiums during the week following the end of the lockdown, with the last date for payment being 21st April 2020.

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Notification No : Circular Ref. No: IRDAI/NL/CIR/MOT/079/04/2020
Published in Community & General
Source : https://www.irdai.gov.in/admincms/cms/whatsNew_Layout.aspx?page=PageNo4084&flag=1

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