PRESS RELEASE

To prevent the spread of Covid-19,Government of India has initiated various measures. Several States haveenforced lock-down in some areas. This may result in somedisruption in the operations of insurance companies and other entitiesconnected with insurance industry. To ensure proper service to policyholdersand customers, all the insurers have been asked to maintain continuity ofbusiness operations through possible alternate modes including telephonic anddigital contact. All insurance companies have been asked to display on theirwebsites, the information on functioning of their offices and the alternatearrangements made for premium payments, renewal, settlement of claims andlodging of other service requests.

In the interest of smooth operation ofaffairs of insurance industry, IRDAI has permitted following relaxations:

      i.       In case of life insurance policies, there isa grace period for payment of renewal premiums. Insurers have been asked toenhance the grace period by additional 30 days if desired by the policyholders.

    ii.       In case of health insurance policies, theinsurers may condone delay in renewal up to 30 days without deeming such condonationas a break in policy. However, insurers are requested to contact thepolicyholders well in advance so as not to have a discontinuance in coverage.

   iii.       In case of Board meetings of insurers, themeetings due till 30^thJune, 2020 may be held through video –conferencing or other audio-visual means in accordance with Rule 3 of theCompanies (Meetings of Boards and its Powers) Rules, 2014 as amended on 19^thMarch, 2020.

   iv.       In case of submission of monthly returns forthe month of March, 2020 by insurers and insurance intermediaries, additionaltime of 15 days will be allowed. Similarly, in case of quarterly returns, anadditional period upto one month will be permitted.

IRDAI appeals to all the insurers,insurance intermediaries and distribution channels to be sensitive to the needsof the policyholders in these trying times. IRDAI also appeals to all thepolicyholders to cooperate.

Date: 23^rd March, 2020