IRDA of India extended grace period for all Life Insurance policies renewal premium payment date, due to recent demonetization.

Good News to all Life Insurance Policyholders for their renewal premium payment. Looking into the inconveniences to policyholders due to recent demonetization Insurance Regulatory and Development Authority of India has issued instructions to all Life Insurers in India to extend grace period to all life insurance policies which renewal premium are due between 8^th November 2016 to 31^st December 2016 for another 30 days.

For example if your policy renewal premium is due on 31^st December 2016 then you have the option to pay your premium by 28^th February 2016 without any late fees charges. In another words, all policyholders whom policy is due for renewal in between above dates will get one month extra insurance risk coverage for paying their renewal premium.

This move will help lakhs of policyholders and it’s in the interest of policyholders.