E-insurance mandatory for Rs. 10,000 or above annual premium in life insurance: IRDAI
Electronic insurance will become mandatory for annual premium equal to or above Rs 10,000 (single/annual premium) in life insurance policies. IRDAI in its Issuance of e-Insurance Policies Regulations, 2016, said these norms would come into force from October 1.
Customers would have an e-insurance account, which will be an electronic account opened by a person with an insurance repository where the portfolios of insurance policies of a policyholder are held in an electronic form.
IRDAI has asked every insurer soliciting insurance business through electronic mode to create an e-proposal form similar to the physical proposal form approved by IRDAI.
Such a form should enable capturing of information in electronic form that would enable easy processing and servicing. The e-proposal form will also have a provision to capture the electronic Insurance Account (eIA) number. Micro-insurance policies are exempt from these norms.
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