Many individuals had been discovering it tough to purchase new medical health insurance insurance policies in the course of the pandemic as a result of lockdown restrictions. To take away this hurdle in getting new insurance policies, the insurance coverage regulator had allowed well being and common insurance coverage corporations to get the policyholders’ consent by means of digital or digital mode on September 10, 2020.
Initially, the exemption for moist signature on the arduous copy of an insurance coverage coverage was legitimate until March 31, 2021, nonetheless, within the wake of the second wave of the pandemic, IRDAI prolonged it until September 30, 2021. Nevertheless, with the pandemic nonetheless prevalent in lots of components of the nation, the common has prolonged the exemption until March 31, 2022.
IRDAI made the most recent extension announcement through a round on September 14, 2021. “In view of the persevering with state of affairs of Covid-19 pandemic, in partial modification of Clause No. 5 of the inside referred round dated tenth September 2020 the timelines for (a) Issuance of digital insurance policies and (b) allotting with bodily signatures and moist signature on the proposal type in respect of medical health insurance insurance policies, stand prolonged as much as thirty first March, 2022,” said the IRDAI round.
Final 12 months, the insurance coverage regulator had laid down tips for the issuance of medical health insurance insurance policies with out moist signatures on the arduous copy of the proposal type. It mandated insurers to ship the coverage doc and the proposal type by means of digital/digital mode to the client’s registered electronic mail ID or cellular quantity. The insurance coverage corporations had been additionally directed by IRDAI to tell the client concurrently by means of SMS concerning the dispatch of the coverage and proposal type by means of digital/digital mode.
In an effort to obtain the consent from the potential clients, the insurance coverage regulator allowed insurers to get it by means of digital or digital mode. If the proposer agreed, he needed to give his consent by confirming it by following the hyperlink or by means of a One Time Password (OTP).