IRDAI allows life insurers to send policy in electronic format
However, the life insurers can issue the policy in digital format only on express consent given by the policy-holder. If a policy-holder demands the document in physical format, the same has to be provided without any additional cost, the IRDAI said.
Insurance Regulatoery and Development Authority of India (IRDAI) has allowed life insurers to issue policy bonds in electronic format during FY2020-21 owing to Covid-19 pandemic. Photo: Reuters