Policyholders will get a free look period of 30 days
If a customer asks for a hard copy, companies will have to send it
Delhi. The Insurance Regulatory and Development Authority (IRDA) has allowed life insurance companies to issue electronic insurance policies (e-policies) in view of the growing outbreak of the corona virus and the consequent lockdown. The IRDA said in a circular that the exemption would be valid for all insurance policies issued during the year 2020-21.
The policy can also be returned within the free look period
If the customer is not satisfied with the policy after receiving the e-policy, he can return it during the free look period. According to the IRDA, life and health insurance companies are required to give policyholders a free look period of 30 days.
The customer can also ask for a hard copy if he wants
According to the IRDA, if a customer asks for a hard copy or document, companies will have to send it to the customer. The IRDA has also allowed life insurers to send their investment returns electronically every quarter.
The IRDA had alerted about the fraud
Recently, the IRDA warned people about fraud. The IRDA has asked insurance companies or registered agents to take out an insurance policy. According to the IRDA, many people deceive people by posing as insurance agents. Therefore, it is important to be on guard against such people.
