Categories: Business

IRDAI permits life insurers to issue policies electronically, insurance companies will issue e-policy, IRDAI gives its approval


IRDAI permits life insurers to issue policies electronically

new Delhi. In view of the increasing cases of corona virus and the problems faced in normal business activities, the insurance regulator IRDA has allowed life insurance companies to issue insurance policies ie e-policies electronically.

The Insurance Regulatory and Development Authority of India (IRDA) has issued a circular exempting the life insurance companies from publishing the policy document and sending it to the insured. However, this exemption is conditionally granted. IRDA said that this exemption will be valid for all insurance policies issued during 2020-21.

IRDA has taken this decision after expressing concern about the difficulties faced by sending the policy to the customers of various insurance companies. Companies have to give 30 days to the customer to see and understand the e-policy. Also, consent has to be obtained from customers for taking an e-policy. If the customer still asks for the hard copy or document then the companies will have to provide it without any extra charge.

Meanwhile, the regulator has also allowed life insurance companies to send their investment returns electronically every quarter.

This post was published on August 5, 2020 9:05 am

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