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

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

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The excellent premium could be paid by 15 May

It is understood 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 forestall the unfold of the corona virus. In such a scenario, in view of the issues confronted by the folks, 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 line with 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 could be paid until 15 May.

Third-party insurance coverage obligatory for driving a automobile

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

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