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Coronavirus impact: Motor insurance policy expiring during lockdown? Renew it by Apr 21

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The announcement will give relief to policyholders who are unable to make payments amid the three-week nationwide lockdown in view of the deadly coronavirus.

Coronavirus impact: Motor insurance policy expiring during lockdown? Renew it by Apr 21
In a major relief for policyholders, finance ministry on Wednesday said that motor third party insurance policies whose renewal date falls during the lockdown period -- i.e. March 25 to April 14 -- can be renewed till April 21.
The announcement will give relief to policyholders who are unable to make payments amid the three-week nationwide lockdown in view of the deadly coronavirus.
"The policyholders whose motor vehicle third party insurance policies fall due for renewal during the period on and from the 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 Corona Virus disease (COVID-19), are allowed to make such payment for renewal of policies to their insurers on or before the 21st 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," the official statement said.
One may, however, still voluntarily visit the website of the insurance company and pay the premium through the online mode.
The two major components of a motor insurance policy are — Third-party Insurance (TP) and Own Damage (OD) Insurance. According to the Motor Vehicles Act, 1988, it is mandatory to insure one’s vehicle with a TP insurance cover, the premium of which is set by IRDAI every year.
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