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Life insurers obtain customer consent through electronic means without a wet signature on the proposal form until 30th September 2021. The authority extends this permission for business solicited by individual agents and insurance intermediaries under all products. All other provisions of the previous circular remain unchanged.
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Ref: IRDAI/Life/Cir/Misc/055/03/2021
Date: 22nd March, 2021 To, All Life Insurers. Re: Dispensing with physical signatures on proposal forms.
Vide IRDAI/Life/Cir/Misc/274 dated 11th November 2020, Life Insurers were allowed to obtain customer’s consent through electronic means under all products, till 31st March 2021. On a review of the working of this arrangement and on the basis of feedback received from Life Insurers, the Competent Authority has extended the dispensing of physical signature on proposals beyond 31st March, 2021. Therefore, the clause (1) of the above referred circular, now stands modified as: Life Insurers are allowed to obtain the customer’s consent through electronic means, i.e., without requiring wet signature on the proposal form, for the business solicited by Individual Agents and Insurance Intermediaries, under all products, till 30th September 2021. All other provisions of the above referred Circular remain unchanged.
(V.Jayanth Kumar) Chief General Manager
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