SME Times News Bureau | 05 Aug, 2020
The Insurance Regulatory and
Development Authority of India (IRDAI) has allowed life insurers to
issue policy bonds in electronic format during FY2020-21 owing to
Covid-19 pandemic.
With life insurers expressing difficulty in
printing and dispatching policy documents to policy-holders, the IRDAI
has allowed them to issue these in digital format to the email address
mentioned.
However, the life insurers can issue the policy in
digital format only on express consent given by the policy-holder. If a
policy-holder demands the document in physical format, the same has to
be provided without any additional cost, the IRDAI said.
According
to IRDAI, the freelook period will be 30 days in such cases and will be
calculated from the date of policy-holder confirming the receipt of the
document through calls or other means.
The return of the
electronic policy document by mail by the policy-holder indicating
cancellation of the policy shall be valid for freelook cancellation.
The
IRDAI has also allowed life insurers to upload their regulatory
documents and file a soft copy through email till March 31, 2021. The
physical copies should be kept ready for filing when the regulator asks
for the same.
