The Insurance Regulatory and Development Authority of India (IRDAI) has directed general and health insurance companies to grant 60 days grace period for health policies up for renewal till September 30 for Kerala and flood-affected districts of Karnataka. Further, if they are unable to issue the policy by that date, any premiums collected will have to be refunded.
The incessant rains and flooding in Kerala and parts of Karnataka in August led to loss of life and property in the state. Life insurers have already been asked to relax their claims settlement process in the Kerala/Karnataka and also offer a grace period of 60 days for renewal premiums.
For premiums collected for health insurance policies during August, where the amount collected could not be converted to policies within the stipulated 15 days as per regulation, companies can do so till September 30. IRDAI said that in case the policy is not issued by September 30, the premium has to be refunded within 15 days.
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