IRDAI allows electronic health policies

Insurance Regulatory and Development Authority of India (IRDAI) has allowed insurance companies to issue electronic health insurance policies. “Insurers should send the policy document and a copy of the proposal form through digital/electronic mode. They shall be sent to the registered e-mail id or mobile number provided y the customer only on the specific consent provided by the policyholder,” IRDAI said. Gurdeep Singh Batra, head-retail underwriting, Bajaj Allianz General Insurance, said, “Issuing electronic policies as per the IRDAI’s circular is definitely a positive step considering the current pandemic situation and the challenges in issuing physical policy documents or proposal forms. This not only improves the turnaround time for policy issuance, but also secures the policy documents electronically with the policyholder as well as the insurer.” Since all the documents are transacted online and maintained, it also improves transparency between the insurer and insured,” Batra said.