Finance Ministry extends due date for Renewal of Health, Motor Insurance Policies due to COVID-19 outbreak April 2, 2020 Finance Ministry extends due date for Renewal of Health, Motor Insurance Policies due to COVID-19 outbreak April 2, 2020 Chartered Accountant CA ICAI Chartered Accountants CA ICAI CAinINDIA ICAI Announcements Accounting Standards CA News ICAI Students ICAI Members Case Laws CPT IPCC Final ICAI Course CA Course ICAI Forum CA Question Papers ICAI Study Material

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Finance Ministry extends due date for Renewal of Health, Motor Insurance Policies due to COVID-19 outbreak April 2, 2020

April, 03rd 2020
The Government has provided relief for third party Motor Insurance & Health policyholders in the light of COVID-19 lockdown. The Ministry of Finance has issued notifications on April 1, 2020, stating that the renewal dates of Health and Motor insurance policies which fall in the period from March 25, 2020, to April 14, 2020, are extended till April 21, 2020, due to coronavirus lockdown. This means that your existing policies that are falling due for renewal from March 25, 2020, to April 14, 2020, can be renewed up till April 21, 2020. Third-Party Motor Insurance : If your current compulsory third-party Motor insurance policy is expiring between March 25, 2020, and April 14, 2020, and you are not able to renew your policy because of country-wide lockdown then you can renew such motor insurance policy by April 21, 2020. According to the notification issued by the Ministry of Finance, “The policyholders whose motor vehicle third party insurance policies fall due for renewal during the period on and from the 25th March 2020 up to the 14th April 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of Corona Virus disease (COVID-19), are allowed to make such payment to their insurers on or before the 21st April 2020 to ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal.” Regular health insurance policy: Similarly, if your health insurance policy is expiring and is due for renewal in the period from March 25, 2020, to April 14, 2020, you can renew your policy by April 21, 2020. As per the notification,” The policyholders whose health insurance policies fall due for renewal during the period on and from the 25th March 2020 to the 14th April 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of Corona Virus disease (COVID-19), are allowed to make such payment for renewal of policies to their insurers on or before the 21st April 2020 to ensure continuity of the health insurance cover from the date on which the policy falls due for renewal”.