Chennai, Nov 12 (IANS): The Indian insurance regulator on Thursday said life insurers can get the consent of a prospective policyholder through electronic means in the case of pure risk products for sales made by agents.
The Insurance Regulatory and Development Authority of India (IRDAI) said life insurers can dispense with getting the wet signature of a prospective policyholder on the proposal form till March 31, 2021.
According to IRDAI, life insurers should send the completed proposal form, benefit illustration and suitability assessment to the registered email id or mobile phone number of the proposer.
The proposer can give his/her consent by affixing digital signature or clicking the confirmation link or by validating the one time password (OTP) that was shared.