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Life insurers receive an exemption from the requirement to issue physical policy documents and copies of proposal forms. The competent authority allows this exemption under the proviso to Regulation 4(iii) of the IRDAI (Issuance of e-Insurance policies) Regulations, 2016. Life insurers obtain express consent from the policyholder before sending the policy document to the email address of the proposer. Insurers confirm the date of receipt by the policyholder and preserve the proof. Insurers allow a thirty-day free look period for all such electronic policy documents. The return of the electronic policy document by mail with a clear intention of cancellation remains valid for free look cancellation. If a policyholder insists on a hard copy, the insurer issues it without any charges. This exemption applies to all policies issued during the financial year 2020-21.
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[Image omitted. See the official document.]
Ref: IRDAI /Life/Cir/Misc/207/08/2020
4th August 2020
To All Life Insurers
Re: Issuance of Electronic Policies
This has reference to the provisions of Regulation 4 of IRDAI (Issuance of e-Insurance policies) Regulations, 2016. In the wake of emerging situation of Covid19 Global Pandemic and taking into account (i) and (ii) below,
exemption is allowed by Competent Authority under Proviso to Regulation 4(iii) of the Referred Regulations, from the requirement to issue policy document, copy of proposal form in physical form. The exemption is subject to
The exemption shall be valid for all policies issued during FY 2020-21.
[Image omitted. See the official document.] (V. Jayanth Kumar) Chief General Manager
Survey No 115/1, Financial District, Nanakramguda, Gachibowli, Hyderabad-500032 Telangana State
