Government Extends Date For Renewal Of Motor Insurance Policy Till April 21

Offering a big relief for the third party insurance policyholders, the Ministry of Finance has extended the date for motor insurance renewal till April 21, 2020.

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The motor policyholders will be given an additional time till April 21 for making the premium payment

Highlights

  • Date for renewal of motor insurance policy extended to April 21
  • The Ministry of Finance amended section 64VB of the Insurance Act, 1938
  • Steps taken to avoid inconvenience to citizens during lockdown

In a big relief to the Indian citizens, the Ministry of Finance has decided to extend the renewal date of the third party Motor insurance policy, which falls between March 25 to April 14. The Government extended the deadline till April 21, 2020. Apart from the motor insurance policy, the Finance Ministry also extended the renewal dates for health insurance policies. This comes as a big aid for the existing policyholders that are due for renewal from March 25 to April 14, but fail to do so because of the lockdown. They can now renew the policy till April 21, 2020.

Also Read: Coronavirus Lockdown: Skipping Your Auto Loan EMI May Not Be A Wise Decision

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The renewal dates for policyholders has been shifted to April 21, 2020. 

According to the notification issued by the Ministry of Finance, if the policyholders are not able to renew the compulsory third-party Motor insurance policy due to nation-wide lockdown, they can renew the same till the above-mentioned date. The ministry of Finance amended section 64VB of the Insurance Act, 1938, which does not permit advance coverage without payment of premium.

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Ministry of Finance said, "The policyholders whose motor vehicle third party insurance policies fall due for renewal during the period on and from the 25th March 2020 up to the 14th April 2020 and who are unable to make payment of their renewal premium on time given the prevailing situation in the country as a result of Corona Virus disease (COVID-19), are allowed to make such payment to their insurers on or before the 21st April 2020 to ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal."

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