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.
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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