Insurance premium payments given 3-month extension

Saturday, 11 April 2020 14:52 - - {{hitsCtrl.values.hits}}

The Insurance Regulatory Commission of Sri Lanka today said insurance companies had been instructed to extend premium payments of both general and life insurance policies for three months.

In view of the decision taken by the Cabinet of Ministers, on a direction issued by President Gotabaya Rajapaksa to grant appropriate relief to businesses and individuals who are adversely affected by the current COVID-19 outbreak, the Insurance Regulatory Commission of Sri Lanka (IRCSL) has decided to provide relief measures to insurance policyholders, the organisation said in a statement.

Having discussed same with the insurance companies, the IRCSL has advised insurance companies to take necessary action to provide the below mentioned relief measures to all policyholders:

i. All policyholders, having general insurance policies, will be granted three months extension period to pay premiums from the policy commencement date. This extension period will apply to policies commenced/commencing from 1 March 2020 to 30 June 2020.

ii. All policyholders, having life insurance policies, will be granted three months extension period from the premium due date to pay premiums outstanding to prevent policy lapsation. This extension period will apply to policies in which the premium due date falls during the period from 1 March 2020 to 30 June 2020.

iii. All benefits under the insurance policies (both life and general) will be applicable during the said extension period.