The decision was taken by IRDA after expressing concern over the difficulties being faced by various insurance companies to send policies to customers. Companies will have to give 30 days time to the customer to understand the e-policy.
New Delhi: If you bought or are planning to buy Life Insurance amid the Coronavirus epidemic, there has been a good news. Now you don’t have to wait long for the policy document after purchasing insurance. You will get the policy documents immediately after making the payment. The Insurance Regulatory Authority (IRDA) has changed its rules in view of the current situation and your convenience.
E-Policy will give you instant
In view of the growing cases of corona virus and difficulties in general business activities, insurance regulator IRDA on Tuesday allowed life insurance companies to electronically issue insurance policies i.e.e-policy.
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Insurance companies have received discounts with conditions on
The Insurance Regulatory and Development Authority of India (IRDA) issued a circular exempting life insurance companies from the rule of publishing policy documents and sending them to the insured. However, this discount is conditionally granted. IrDA said the exemption will be valid for all insurance policies to be issued during 2020-21.
The decision was taken by IRDA after expressing concern over the difficulties being faced by various insurance companies in sending policies to customers. Companies will have to give 30 days time to the customer to understand the e-policy. Also, customers have to get consent to take e-policy. If the customer still asks for a hard copy or document thereafter, the companies will have to send it.
Meanwhile, the regulator has also allowed life insurance companies to send their investment returns electronically every quarter.
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