IRDAI permits life insurers to issue policies electronically amid Covid pandemic

Highlights :

IRDAI permits life insurers to issue policies electronically amid Covid pandemic
This exemption will be valid for all policies issued during 2020-21
Also permitted the life insurers to file quarterly investment returns electronically

Amid rising cases of Corona Virus and disruption in normal business activities, regulator IRDAI on Tuesday allowed life insurers to issue life insurance policies electronically.

The Insurance Regulatory and Development Authority of India (IRDAI) issued a circular exempting the life insurance companies to from the requirements of issuing policy documents and copy of proposal form in physical form, subject to certain conditions.

This exemption will be valid for all policies issued during 2020-21.

The decision futher said there will be a mandatory 30-days free look period for all such electronic policy documents.

Also the insurers will be required to obtain express consent of the policyholder to receive electronic policy bond. If a policyholder insists on hard copy, the same has to be issued without any charge.

Meanwhile, the regulator has also permitted the life insurers to file quarterly investment returns electronically.

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