Irdai extends electronic customer consent for life insurers by 3 months

Facility has been allowed for pure risk products, is available till next March

Taking into account the difficulty of obtaining physical signatures of customers due to the on-going pandemic, the insurance regulator, has allowed life insurers to obtain customers consent by electronic means instead, in pure risk products till March 31, 2021.

The regulator had earlier allowed the life insurers to obtain customers' consent electronically (without requiring wet signature on the proposal form) till December 31, 2020.

“The suitability assessment, benefit illustration and the completed proposal form shall be sent to the proposer on his / her registered e-mail ID or mobile number in the form of an e-mail or a message with a link