Relief for insurance policyholders from Insurance Regulatory Commission

The Insurance Regulatory Commission of Sri Lanka (IRCSL) is providing relief measures to insurance policyholders in line with a direction by the President to grant appropriate relief to businesses and individuals who are adversely affected by the current COVID-19 pandemic.
Having discussed the issue with the insurance companies, the IRCSL said in a media release that it has advised insurance companies to take necessary actions 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 March 1 to June 30, 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 March 1 to June 30, 2020.
iii. All benefits under the insurance policies (both life and general) will be applicable during the said extension period.