IRDAI has recently said that the life insurance companies can issue electronic policies for six more months till 30 September, 2021, in the wake of COVID-19 pandemic.
IRDAI in August had allowed insurers to send all life insurance policies electronically to the policyholder’s e-mail ID till the end of the financial year 2020-21. Earlier, companies had to dispatch a hard copy of the document even if a policy was solicited through an electronic mode.
Given the COVID-19 outbreak and the resultant lockdown to combat the virus, life insurers had expressed difficulty in printing and dispatching policy documents. Insurers can now continue to send all life insurance policies electronically to the policyholder’s e-mail ID till September end of this year.
Physical policies are not mandatory now if the insurer has obtained the consent of the policyholder. However, if a policyholder insists on a hard copy, the companies have to issue it without any charges.