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Amid lockdown by considering the public convenience, Ministry of Finance has announced the relief to common man by easing Health and Motor Vehicle insurance policies. A notification published by Ministry of Finance states that the policy holders whose vehicle third party insurance policies fall due for renewal during the period on and from the 25th March, 2020 up to the 3rd May, 2020 and are unable to pay the premium on time due to COVID-19 and lockdown, can make payments on or before 15th May, 2020.This notification comes into force immediately after 15th April.
Similarly, the policy holders whose health insurance policies fall due for renewal during the period on and from the 25th March, 2020 up to the 3rd March, 2020 and are unable to make payments of their renewal premium due to prevailing situation, can make payment to renewal policies to their insurers on or before 15th May, 2020 to continue their respective policies, this notification is also enforceable from 15th April, 2020.
With a view to mitigate hardship to policyholders whose health&motor (3rd party) insurance policies are due for renewal during lockdown, Govt. has issued notification allowing policyholders to make payments on or before 15.05.2020 towards renewal of their policies. This is for policies that are due between 25th March and 3rd May, in order to ensure their continuity and hassle-free claims payment during the above grace period, said Finance Minister Nirmala Sitharaman.
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Govt. is ensuring that it can provide relief to the citizens by announcing new measures, let’s see at what extent these measures will help common people to combat the pandemic and make their lives normal all over again.