Relief in lockdown, now pay health-motor insurance coverage coverage premiums until May 15

by Jeremy Spirogis
India's cleanest city for 4th consecutive time

new Delhi: India is witnessing a gentle improve within the variety of Corona optimistic sufferers. To cut back the unfold of Corona, the Modi authorities has prolonged the lockdown within the nation until 3 May. In such a state of affairs, the federal government has determined to increase the deadline for submission of premiums for motorcar third celebration insurance coverage and medical insurance coverage in view of the nationwide lockdown as a consequence of corona virus. Yes, Finance Minister Nirmala Sitharaman has given reduction to well being and motor insurance coverage coverage holders. Policyholders whose well being and motor (third celebration) insurance coverage insurance policies weren’t renewed as a consequence of lockdown, the federal government has allowed them to pay their coverage on renewal on or earlier than 15 May 2020. <! –


The excellent premium might be paid by 15 May

It is thought that the Finance Ministry has issued a notification for this. Actually, the lockdown interval has been prolonged from April 15 to May Three throughout the nation to stop the unfold of the corona virus. In such a state of affairs, in view of the issues confronted by the individuals, the federal government has prolonged the date of cost of premiums for auto insurance coverage and medical insurance. According to the notification, it’s for many who are due between March 25 and May Three and are unable to pay as a result of lockdown within the corona virus. Whereas in response to the previous notification, this exemption was allowed in Lockdown Part 1 from 25 March to 14 April. In this, the policyholders needed to pay the premium dues by 21 April. Now as a result of extension of the lockdown interval, the excellent premium might be paid until 15 May.

Third-party insurance coverage obligatory for driving a automobile

Explain that in response to Section 146 of the Motor Vehicles Act 1988, third-party insurance coverage is necessary for driving automobiles on the roads. For third celebration motor insurance coverage, if the shopper doesn’t renew it on time, then a high-quality of Rs 2,000 might be charged for driving with out third celebration motor insurance coverage. The work of insurance coverage corporations will proceed within the lockdown, in response to the brand new pointers issued by the federal government, the Insurance Regulatory and Development Authority (IRDAI) and insurance coverage corporations will proceed their work throughout the lockdown.

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