Insurance regulator IRDAI constantly changes the rules to protect the interests of policyholders. With the beginning of the new financial year 2024-25, some rules related to insurance are changing. Now all new insurance policies will be issued only in electronic format. Besides, it has also become mandatory to give information about the nominee. Let us know about these changes in detail.
Life insurance is an important way to secure the financial future of the family. Insurance regulator IRDAI keeps changing the rules to protect the interests of policyholders. This time too, with the beginning of the financial year 2024-25, some rules related to insurance policies are changing. Let us know about these in detail.
Will be issued in digital insurance account
Insurance regulator IRDAI is constantly changing the rules to protect the interests of policyholders. According to the new rules of IRDA, all insurance companies will issue new insurance policies only in electronic format from April 1, 2024. The insurance company will open a digital account for each policyholder. The insurance policy will be issued in this account.
However, policyholders will also have the option to take the policy in physical format (paper document). For this they will have to apply separately. Policyholders will also be able to get the old policy converted into digital format. All policies of the policyholder will be visible in the digital insurance account. With this step one will not have to face the problems caused by tearing or losing the paper document at the time of maturity.
Policy will not be issued without nominee
According to the new rules of IRDA, from April 1, companies will not be able to issue new life insurance policies without the knowledge of the nominee. After the policy is issued, companies will have to provide the option to change the nominee. For this, companies will be able to charge a maximum of Rs 100. Apart from this, now insurance companies will be able to give all types of refunds only to the bank account of the policyholder. For this, it will be mandatory for insurance companies to take bank account information at the time of selling the policy.
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