IRDAI allows life insurers to obtain consent electronically

NEW DELHI: In view of the disruption of normal business activity following outbreak of the coronavirus pandemic, the regulator IRDAI on Wednesday permitted life insurers to obtain consent of prospective policy holders electronically.

This facility, to be allowed on an experimental basis with immediate effect till December 31, 2020, will remain limited to pure risk products, meaning those policies which do not involve any savings element, the Insurance Development and Regulatory Authority of India (IRDAI) said in a circular.

“Life insurers are allowed to obtain the customer’s consent without requiring wet signature on the hard copy of the proposal form, for the business solicited by insurance agents/intermediaries subject to (certain conditions),” IRDAI said. (AGENCIES)