Denying the reports that individuals can deposit their insurance renewal premium in now defunct 500 and 1,000 currency notes, IRDAI has clarified that it has only granted extension of grace period by up to 30 days.
IRDAI said it has been brought to its notice regarding a news item floating in the press that the Authority has instructed insurers to accept old 500 and 1,000 notes for depositing insurance premium. Policyholders are allowed a grace period of 30 days to submit their insurance renewal premium, however, in this case it has been extended by similar days.
