NEW DELHI/BENGALURU: Amid reports of many vehicle owners having not yet renewed their third party insurance cover due to the lockdown, the insurance regulator, Irda, is working on some relaxation.Sources said it may allow grace period of one month for premium payment for insurance renewal. Irda has already given relief to vehicle owners announcing that third party vehicle premium for next financial year starting Wednesday will remain same as 2019-20.It will later notify whether the rates would be revised or the same will continue. TOI has learnt that the Irda has taken up the issue with the department of financial services and there could be some announcement in the next two days.