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IRDAI Asks Insurers To Provide 60-days Grace Period For Health Insurance Premium

Insurance regulator IRDAI has asked insurers to give a grace period of 60-days for payment of premium in respect of all health insurance policies in flood affected kerala and parts of Karnataka

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The insurance regulator Insurance Regulatory and Development Authority of India (IRDAI) yesterday asked insurers to provide 60-days grace period for payment of health insurance premium in flood affected Kerala and parts of Karnataka. Heavy rains and subsequent floods have adversely affected life and property in Kerala and some districts of Karnataka.

"General and Health Insurers are advised to grant 60 days grace period in respect of all health insurance policies due for renewal up to 30th September, 2018 in the State of Kerala and flood affected districts in the State of Karnataka," Irdai said in a circular.

Irdai said insurers should comply with guidelines on standardisation in health insurance for the extended period so as to protect the continuity of benefits as specified therein.

Further, in respect of deposits/premiums collected for issue of health insurance policies during August 2018, where such deposits/premiums collected could not be converted to policies within the stipulated time, insurers are allowed to convert such deposits into policies by September 30, 2018, it noted.

"Where the premium collected is not converted to policies by September 30, 2018, such premiums shall be refunded." the Irdai added.

Earlier, the regulator had asked insurance companies, both life and general, to organise special camps in Kerala for faster settlement of claims. 

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IRDAI health insurance kerala kerala floods karnataka