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The Insurance Regulatory and Development Authority of India (IRDAI) has done away with the mandatory wet/physical signature on health insurance policy proposals.
The exemptions will apply to all health, motor, fire insurance (covering dwellings and/or contents issued to individuals), package insurance (issued to individuals) and all miscellaneous policies issued to individuals where the sum insured does not exceed ₹5 crore.
The wet signature can be dispensed with if insurers inform customers through text message about issue of policy document electronically, having in place mechanisms to verify receipt of the document and preserving all e-records.
“Wherever policyholders demand a physical version of the policy document/copy of the proposal, the same shall be made available,” the regulator said. The exemption will be in force till March 31, 2021.
According to Gurdeep Singh Batra, Head - Retail Underwriting, Bajaj Allianz General Insurance, issuing electronic policies per the IRDAI’s move is “a positive step’’.
“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.
The IRDAI had already allowed the life insurers to do away with physical signatures last month in view of the Covid-19 pandemic.
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