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ICICI Lombard Expert Blog
 

Defunct Currency Notes Can't Be Used for Insurance Premium Payment

November 30 2016
Defunct Currency Notes

The Insurance Regulatory and Development Authority of India (IRDAI) has rejected spurious reports claiming the usage of defunct `500 and ` 1,000 notes for insurance renewal premium. IRDAI has clarified that it has only extended the grace period by up to 30 days.

A news item which mentioned that the pension regulator has instructed insurers to accept old `500 and ` 1,000 notes has been brought up to IRDAI's notice. IRDAI made a clarification that the official circular only mentions the extension of the grace period and doesn't mention the usage of defunct currency notes for depositing insurance premium.

IRDAI said that keeping in view the inconvenience faced by policyholders post demonetisation, it extended the grace period by 30 days for all policies issued by life insurers whose premium falls on or after 8th November and until 31st December. For policies with renewal before 8th November, there will be no extension of the grace period.

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