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How to Buy Auto, Health Insurance Policy Easily

Buying Auto & Health insurance policies now becomes easier by IRDA; dispensing with physical documents and issuing electronic policies.

The insurance regulator has relaxed the norms for the policy issuance in case of Health and Auto insurance products. The regulator in its circular has mentioned that now the insurance companies can issue the policies electronically thereby dispensing with the physical documents.

The physical documents or hard copies or application forms are no longer needed, said Insurance Regulatory and Development Authority of India (IRDA).

From now on customers need not submit any hard copies for Motor and Health insurance policies. The need for application form hard copy has been discontinued till March, 2021. This rule will be applicable for all miscellaneous policies having Sum Insured up to Rs.5 Crores. Long term dwelling policies are also included in the list.

However the insurance companies need to follow the below process:-

  1. Insurers shall send the policy document and a copy of proposal form through digital/ electronic mode. They shall be sent on the registered mail id and phone number provided by the customer only after the specific consent provided by the policy holder.
  2. After sending the documents insurer shall inform the customer through SMS that the policy document or proposal form has been sent to their email id.
  3. Insurers are responsible to put a proper mechanism to ensure that the documents are delivered to the designated mobile number or email id and acknowledgement is obtained for the same.
  4. It shall be clearly informed that the date of delivery of document shall be considered as the start date for the free look period.
  5. Insurers shall preserve the records of such acknowledgements for further reference.
  6. The policy sent electronically shall contain terms & conditions, schedules, benefits etc. that are otherwise available in the physical document.
  7. Policyholders shall also be informed that the printing and dispatch of physical documents may be delayed due to the operational difficulties in the wake of ongoing COVID 19 pandemic situation.
  8. The policy document sent electronically is valid as the physical document. But whenever the policyholder demands the physical version of the policy copy, the same shall be made available.
  9. Wherever the policy documents could not be sent through electronic means due to any reasons, the companies shall compulsorily send physical documents to the policy holders.

Dispensing of wet signature on proposal form:

  1. Duly filled proposal form shall be sent to the customer on his/her registered mail ID or mobile number by means of a message with a link, as the case may be.
  2. If the proposer wishes to give the consent to the proposal, the same may be permitted by providing a link for confirmation or through One Time Password (OTP) duly validated.
  3. Insurers shall maintain verifiable, legally valid evidence for the proposer’s consent received for the fully completed proposal form.
  4. Insurers shall be responsible for the following:
    1. Providing approved digital sales material to insurance agents / intermediaries and ensure that only that material is used while soliciting the business;
    2. Authenticating the e-mail IDs / mobile numbers of the proposers including through de-duplication of the data and such other means;
    3. Ensuring the suitability of the product being sold.

The best car insurance agent for car insurance near you can be found online at PolicyBachat where we have a dedicated team of agents to assist you in selecting the best car insurance in accordance with your needs.

The above exemptions shall be valid till 31-March-2021.

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