Insurance regulator IRDAI has permitted life insurers to continue issuing policy documents in electronic format as well as dispense with the requirement of getting customers’ wet signature on the proposal forms till September 30.
The decision, extending validity of the two exemptions beyond March 31, comes amid growing concerns over a rise COVID-19 cases in the country.
“Life Insurers are allowed to obtain the customer’s consent through electronic means [in other words] without requiring wet signature on the proposal form till September 30,” CGM V. Jayanth Kumar said in a circular.
Another circular said insurers, in the backdrop of the pandemic, have expressed difficulties in printing, handling and dispatch of policy documents.
Taking this into consideration and the need to adopt digital means of doing business in the interests of policyholders and other stakeholders, the validity of the exemption from the requirement to issue policy document, copy of proposal form in physical form is being extended till September 30 with conditions.
