Insurance regulator IRDAI has allowed life insurers to issue policy documents in electronic format as well as the requirement to obtain customers’ wet signatures on offer forms until 30 September.
The decision, extending the validity of the two exemptions beyond March 31, comes amid growing concerns over a growing COVID-19 case in the country.
“Life insurers are allowed to obtain customer consent via electronic means [in other words] Without the need for a wet signature on the proposal form by 30 September, “CGM v. Jayant Kumar said in a circular.
Another circular states that insurers have expressed difficulties in printing, handling and dispatching policy documents in the backdrop of the epidemic.
Keeping this in mind and the need to adopt digital means of doing business in the interests of policyholders and other stakeholders, the validity of exemption from the requirement of issuing policy documents, copy of proposal form in physical form is being extended till 30 September. Conditions.
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