IRDAI Extends Deadline For Online Health Insurance Policy Processing, Issuance

IRDAI mentioned that it determined to push the deadline in view of the persevering with state of affairs of Covid-19.

New Delhi: The Insurance Regulatory and Development Authority of India (IRDAI) has prolonged the deadline for insurance coverage corporations to difficulty new medical insurance insurance policies in digital type and with out the requirement of bodily signed proposal type (moist signatures) until March 31, 2023. 

This is the not first time that the insurance coverage regulatory physique determined to increase the deadline. In the primary occasion, the exemption for moist signature on a insurance coverage coverage was legitimate until March 31, 2021. Then, it was prolonged until September 30, 2021 amid the second wave of Covid-19.

IRDAI mentioned that it determined to additional push the deadline until March subsequent 12 months in view of the persevering with state of affairs of Covid pandemic.

"In partial modification of Clause No. 5 of the within referred circular dated 10th September, 2020 the timelines for (a) Issuance of electronic policies and (b) dispensing with physical signatures and wet signature on the proposal form in respect of health insurance policies, stand extended up to March 31,2023," IRDAI acknowledged in a notification on Tuesday. 

The regulator additionally shared related announcement on Friday.

Earlier, IRDAI had permitted well being and common insurers to acquire consent of potential coverage holders by way of a duly validated One Time Password (OTP), then meting out with the follow of getting moist signature.

The regulator had additionally exempted the insurers from mandatorily sending onerous copy of the doc to coverage holders. However, the insurance policies should be despatched by way of digital mode on the registered e-mail.

Insurers, IRDAI mentioned, can download buyer's consent, with out requiring moist signature on the onerous copy, by way of OTP, by way of registered e-mail or cellular.