The IRDAI through Circular dated 23-03-2021 has issued directions for Issuance of Electronic Policies. IRDAI has allowed exemption for further six months to insurers from the requirement to issue policy document, copy of proposal form in physical form. The exemption is subject to:
a) Life Insurer confirming the date of receipt of electronic policy document by the policyholder through PIVC or other means and preserving the proof so that Free Look period may be calculated from that date.
b) Thirty (30) days Free Look period may be allowed for all such electronic policy documents.
c) Return of electronic policy document by mail by policyholder with clear intention of cancellation of policy shall be valid for Free Look Cancellation.
d) Express consent of the policyholder to receive electronic policy bond is required. If a policyholder insists on hard copy, the same has to be issued without any charges.
e) Policy document shall be sent to the email id submitted by the proposer.
The exemption shall be valid for all policies issued up to 30th September 2021.
