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Good News in Insurance Sector- Failing in Premium, won't suffer Policy Lapse - See Latest
Good News in Insurance Sector- Failing in Premium, won't suffer Policy Lapse

New Delhi: PM Modi has announced the Lockdown across India due to the Novel Coronavirus epidemic outbreak. You must know that if the insurance premium is not filled between this lockdown then it will not lapse as the Government has ordered. But your concern has been resolved now you don't need to worry about it. Even if you do not fill the premium at the time of lockdown, your insurance lapses will not be considered. The Union Ministry of Finance has decided to give you a big relief.

Your insurance will not lapse until April 21.

The finance ministry (currently Nirmala Sitaraman) has announced that those who are not able to renew their motor vehicle third party insurance or health insurance policy during lockdown due to lack of money, they can renew the premium till April 21.

Should Read: Coronavirus India Update State-wise 

Those who have not paid their insurance payment till March 25 or if the payment is not made, the policy will not be considered laps. As their policy did not lapse, they can keep their insurance policy continue by filling the money till 21 April. 

Some changes in the Insurance Act

The Finance Ministry (currently Nirmala Sitaraman) has made changes in the Insurance Act amidst the compulsion of not doing banking between lockdown and deposit of cash and this change has also been notified. These instructions have been given to all companies about these changes.

As per the government say that between the period of 25 March to 14 April there are many people who are trapped in a way and they have not to work to earn money. Due to this, they were unable to renew their policy.

insurance

The government has made this change in view of the practical problem in such a situation. Earlier, in addition to extending the date of filing the tax, the government has given the facility of providing relief package to poor people and postponement of loan installment of three months.

It was important that the central government has decided to Lockdown the entire country only to prevent from Novel coronavirus (COVID-19). During this time nobody has permission to go out. Except for some people like police, doctors, media, etc, only those involved with essential things are allowed out of the house

Read Also: Coronavirus Hotspots in Country