Life insurance companies will provide this facility by March 2021

The Insurance Regulatory and Development Authority of India (IRDA) has extended the facility for life insurance companies to electronically approve prospective policyholders by three months to 31 March 2021. In view of the bottlenecks in normal business activities caused by the corona virus epidemic, the insurance regulator in August, on a pilot basis, gave electronic approval from consumers for net-risk products (policies that do not contain savings) by 31 December. Was allowed.

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IRDA has now extended this facility on all products for three months based on the review of this arrangement and the feedback received from life insurance companies. In a circular issued by IRDA, it has been extended three months for the life insurance companies to get permission from consumers electronically.

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For example, businesses brought in by individual insurance agents or insurance intermediaries will not require the consumer’s signature on the offer form. IRDA said that the assessment of eligibility, details of benefits and the complete offer form will be sent to the consumer on his registered email ID or mobile number. The regulator said that if the consumer agrees, it will give its consent by clicking on the digital signature or confirmation link or approving the shared OTP.

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