Key Points
Starting from April 1, 2024, it is compulsory to hold your insurance policies in electronic format, similar to how investors hold shares in a demat account...
In a notification "Protection of Policyholders Interests, Operations and Allied Matters of Insurers Regulations, 2024" dated March 20, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) said, "Every insurer shall have in place a Board approved policy for insurance policies issued in electronic form..."..
"Irrespective of whether the proposal is received in electronic form or otherwise, every insurer shall issue insurance policies only in the electronic form," the regulator said..
To issue policies in the electronic format, the insurers must fulfill two conditions: a) Provided that the authority, on being satisfied that it is in the interest of policyholders and for orderly growth of the insurance industry, allow such exemptions to this requirement; b) Provided further that the insurer shall mandatorily seek the choice of the prospect in the proposal form for availing physical policy document, IRDAI said...
"With all insurance policies, be it life, pension, health or general, eligible to be held in the electronic format and accessible through an e-Insurance Account, managing insurance plans becomes more convenient than ever before," says Singhal...
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