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Coronavirus impact: Motor, health insurance validity extended till April 21

Coronavirus lockdown: In a notification the ministry said that this decision has been taken for people whose renewal dates for motor and health insurances fall in the lockdown period

twitter-logoBusinessToday.In | April 2, 2020 | Updated 12:55 IST
Coronavirus impact: Motor, health insurance validity extended till April 21
Coronavirus news: Insurance deadlines extended

The Finance Ministry announced that the validity of motor and health insurance have been extended till April 21. In a notification the ministry said that this decision has been taken for people whose renewal dates for motor and health insurances fall in the lockdown period. The order has come into effect from April 1.

The ministry said that policyholders can pay the renewal amount on or before April 21 to ensure the continuity of the plan. "The policyholders whose motor vehicle third party insurance policies fall due for renewal during the period on and from 25th March, 2020 up to the 14th April, 2020 and who are unable to make payment of their renewal premium on time in view of the prevailing situation in the country as a result of coronavirus disease (COVID-19), are allowed to make such payment for renewal of policies to their insurers on or before the 21st of 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," stated the notification. The same was stated for health insurance policies.

The government amended Section 64VB of the Insurance Act, 1939 that does not allow advance coverage without payment of premium.

This announcement comes days after Finance Minister Nirmala Sitharaman's press conference where she extended the deadline for Income Tax Returns filing to June 30. Deadlines of PAN-Aadhaar linking and Vivad Se Vishwaas have also been extended to June 30. All GST returns for March, April, May and composition returns have also been extended to June 30.

Also read: Coronavirus in India Live Updates: PM Modi holds meet with state CMs as active COVID-19 cases cross 1,500-mark

Also read: Dividend moratorium, salary cuts - India Inc should take cues from banks, govt

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