IRDAI gives relief to insurance companies and customers, companies will be able to get the consent of policyholders through OTP. The Insurance Regulatory and Development Authority (IRDAI), in view of the coronavirus epidemic, has allowed health and general insurance companies to obtain the consent of their potential policy buyer on the offer form through OTP in place of a signature.
In addition, IRDA has also abolished the mandate for insurance companies to send the print documents of the policy to the policyholder. This move of the regulator has brought great relief to both customers and insurance companies.
It is no longer mandatory for insurance companies to send print documents to policyholders, but they will have to send an e-copy of the policy to the policyholder by email or other means. Along with this, they will also have to message the policyholders and give this information. IRDAI has issued a circular to insurance companies in this regard. According to the circular, these discounts will continue till 31 March 2021.
It is worth mentioning that IRDAI was requested by the insurance companies to give these exemptions. Irda, accepting the companies’ request, has now given these exemptions.
IRDA said in the circular, “Insurance companies can also get the consent of the customer by asking for an OTP on registered email or mobile number instead of a hard copy of the signed offer form. However, the insurance company will have to preserve legally valid evidence verifying the consent taken in this manner. Insurance companies have welcomed these IRDA decisions.
Manwhile The country’s largest bank State Bank of India (SBI) has announced special offers on home loans. The bank said that those applying for a home loan at SBI will get three additional benefits.
These are zero processing fees, 0.30% interest rebate to customers with a higher CIBIL score for a home loan of more than 30 lakhs and less than one crore, and an additional discount of 0.05% on customer applying from the SBI Yono app. In this way, SBI is giving three additional benefits to customers on home loans.