Irda has taken this decision after expressing concern about the problems faced by sending policies to the customers of various insurance companies. Companies have to give 30 days to the customer to see and understand the e-policy.
If you have bought or are planning to buy life insurance in the midst of coronavirus epidemic, then a good news has come. Now you do not have to wait long for a policy document after purchasing insurance. You will get the documents of the policy immediately after making the payment. The Insurance Regulatory Authority (IRDA) has changed its rules in view of the current situation and your convenience.
You will get e-policy quickly
In view of the increasing cases of corona virus and the problems faced in normal business activities, the insurance regulator IRDA on Tuesday allowed life insurance companies to issue electronic policies (e-policy) electronically.
Insurance companies are exempted with conditions
The Insurance Regulatory and Development Authority of India (IRDA) has issued a circular exempting the life insurance companies from publishing policy documents and sending them 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 problems faced by sending policies 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 demands a hard copy or document then the companies will have to send it to him.
Meanwhile, the regulator has also allowed life insurance companies to send their investment returns electronically every quarter.