The Ministry of Finance extends the validity of auto and health insurance until April 21
BENGALURU: In a major relief for 23 crore individual vehicle owners and 40 crore citizens, who benefit from a private or state health insurance plan, the finance ministry has amended the law and extended the validity of insurance documents until April 21, 2020.
In a gazette notice, the finance ministry amended section 64VB of the Insurance Act of 1938, which does not allow early coverage without payment of the premium.
Going forward, for both vehicle owners and health insurance polyps, an exemption has been granted for the closing period of March 25 to April 15. If your policy has expired in this period, you will get continuation coverage and continuity of benefits: - such as coverage of pre-existing conditions from the previous policy in case of health or an unclaimed bonus in case of motor, said an official from IRDAI.
The ministry has also said that health and health insurance policyholders will have time until April 21, 2020 to make the premium payment for continued coverage.
He also said that this is being done to ensure the safety of citizens and to avoid any inconvenience during the blockade period.