Physical sign of customers not a must for new life cover policy proposals: IRDAI

Our Bureau Hyderabad | Updated on August 06, 2020 Published on August 05, 2020

The life insurers are now allowed to obtain consent of the customers without their physical signatures.

“The Covid-19 outbreak has impacted the traditional manner way of canvassing of life insurance agents and intermediaries,’’ the Insurance Regulatory and Development Authority of India (IRDAI) has said in Circular.

In particular, the physical filling in of forms, obtaining wet-signatures and transport of papers from field to officer had become a challenge.

After examining suggestions and representations from the life insurers in this regard, the insurance regulator has removed the norm of compulsory physical signature on the proposal forms.

“The completed proposal form shall be sent to the prospect on his/her registered email ID or mobile number in the form of an email or message with a link...’’ the IRDAI said in a circular.

If a customer wishes to give consent to the proposal form, it can be done by clicking on the information link or validating it through an OTP.

The insurers should not accept any payment of money towards the proposal deposit till the receipt of the consent of the proposal, the regulator said.

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Published on August 05, 2020
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