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Don’t allow lockdown to lock your insurance cover as well

image of lockdown - Don’t allow lockdown to lock your insurance cover as well

IRDA has given relaxation of 30 days in addition to the grace period of 30 days in the policy, for the payment of life insurance and health insurance premiums falling due during the lockdown time.
So, your policy will not lapse. However, claims falling due after the expiry is not considerable till the payment of renewal premium.
Hence I recommend you pay the premiums online and keep a continued cover. Don’t allow lockdown to lock your insurance cover as well.
You would be anyway paying the premium for all 12 months starting from last year’s expiry date. So better have it in active mode.

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