Ref: IRDAI/Life/GracePeriod 9^thMay 2020

PRESSRELEASE

ADDITIONALGRACE PERIOD FOR LIFE INSURANCE POLICIES

Takinginto account the unprecedented lock down situation as a result of GlobalPandemic Covid19, to provide relief to the life insurance policyholders, IRDAIhad announced on 23^rd March 2020 and 4^th April 2020, additionalGrace Period of 30 days for the policies where premium fell due in the monthsof March 2020 and April 2020.

Asthe lockdown has been further extended up to 17^th May 2020, keepingin view the difficulty faced by some policyholders to renew the policies intime, the Authority has now allowed extended grace period up to 31^stMay 2020 for all policies where premium was due in the month of March 2020.

Allpolicy holders are requested to note that the objective of Grace Period allowedis to pay all the premiums due within that period so as to keep the policycoverage in force.

Lifeinsurance companies are equipped to provide facility to pay premiums online. Thepolicyholders are encouraged to make use of this provision so as to minimizetheir personal visit to the offices of the insurers.

Stayhome - Stay Safe and Stay Protected.