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Title: To all the CEOs of Life Insurance Companies
Reference No.: IRDA/ACTL/CIR/ULIP/236/11/2016
Date: 25/11/2016
Extension of grace period for payment of renewal premium of life insurance
To
All the CEOs of the Life Insurance Companies
Re: Extension of grace period for payment of renewal premium of life insurance policies in light of recent demonetization
We are in receipt of a representation from Life Insurance Council to extend grace period by an additional 30 days for all the Policies whose premium fell/falls due on or after 8th November, 2016 till 31st December, 2016.
After examining the representation and keeping in view the inconvenience to policyholders, the Authority in exercise of the powers conferred under Sec. 14.(2).(b) of IRDA Act, 1999 hereby allows the extension of grace period by an additional 30 days for all the Policies issued by life insurers the premium/s of which fell/falls due on or after 8th November, 2016 till 31st December, 2016.
This special one off dispensation is given so that policyholders do not suffer from non-payment of due premiums due to recent cash crunch. All life insurers are advised to comply.
(Pournima Gupte)
Member (Actuary)
