The new deadline is March 31.
Costa said the extension was made to give passengers more time to evaluate the proposal and to exercise their claims with less urgency. The original deadline was today.
On Jan. 27, Costa offered a lump sum of €11,000 ($14,458) to cover damages including loss of baggage and personal effects, psychological distress and loss of enjoyment of the cruise vacation, on top of reimbursing the cruise fare and expenses.
The process to redeem the compensation and its terms remain unchanged.
The families of the 15 dead and 17 missing and passengers who were injured are being covered under a separate proposal based on their individual circumstances.
A number of passengers have rejected the settlement and are pursuing legal actions against the cruise operator.