Govt extends motor, health premium dues payment till May 15
16-April-2020
The Union Government has allowed motor and health insurance policy holders to defer payment of their renewal premium falling due during the period of the lockdown that has now been extended till May 3.
The finance ministry in a revised notification has now allowed third party motor insurance premium dues falling during the period of national lockdown between March 25 and May 3, to be paid on or before May 15.
In the earlier notification, this relaxation was allowed for initial lockdown period from March 25 to April 14 where policy holders were asked to pay premium dues till April 21. But since the period of lockdown has been extended, premium dues can be paid after the lockdown ends.
The (delayed) payment will also 'ensure continuity of the statutory motor vehicle third party insurance cover from the date on which the policy falls due for renewal,' department of financial services said in a notification dated April 15.
The government has provided the same deferred payment option to health insurance policy holders too who had to pay renewal premium during the period of the lockdown.
The changes have been made in view of the prevailing situation in the country due to Covid-19 disease and consequent 19-day extension of national lockdown from April 15 to May 3, 2020.
The latest changes in compliance measures for insurance customers had come after finance ministry allowed similar deferral in performance of statutory duty in respect of direct tax and indirect tax last month. IANS
After Six Years of Profitable Bootstrapping, Medulance Raises Rs 25 Crore to Expand Nationally
IIM Grad and First-Generation Entrepreneur Anish Popli's ProcMart Secures Rs 250 Crore in Series B Funding
First Indian Space Tourist Talks Dreams and Inspiration Before Blue Origin Flight
Former MLA Rathod Bapu Rao Switches from BJP to Congress in Telangana
Zerodha Co-Founder Nikhil Kamath Launches 'WTFund' to Support Young Entrepreneurs