IRDAI sets out norms on collection of premium for health policies in instalments

May 07, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Insurance Regulatory and Development Authority of India (IRDAI) on April 04, 2020 sets out norms for the collection of Health Insurance Premium while the country is stuck with the global COVID-19 pandemic via circular dated April 20, 2020.

Since the country is struck with financial crisis, IRDAI has decided to inform all the agents to collect the health insurance premium under instalments. Further, the insurers are mandated to follow all the basic guidelines set in the collection of premiums under health insurance schemes. The opportunity of instalments is applicable to all the people for 12 months in respect of health insurance policies that is March 31, 2021.

The premium in instalment facility shall be given out to all the policy holders without any discrimination. In case of products, the facility is to be extended to them and such products are to be updated on the website, so that all the policy holders are aware of the facility.

[Circular No: IRDAI/HLT/REG/CIR/096/04/2020]


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