IRDA extend the facilitation dispensing with physical signature on proposal forms of Life Insurance Policies and permitting OTP based validation, up to 30/09/2022. All other provisions, in respect of this dispensation, of the above referred circulars remain unchanged.
Insurance Regulatory and Development Authority of India
Ref: IRDAI/Life/Cir/Misc/059/03/2022
Date: 31st March, 2022
To All Life Insurers
Re: Extension of facilitation dispensing with physical signatures on the proposal forms
Reference is drawn to the circulars No. IRDAI/Life/Cir/Misc/274/11/2020 dated 11th November 2020, IRDAI/Life/Cir/Misc/055/03/2021 dated 22nd March 2021 and IRDAI/Life/Cir/Misc/253/09/2021 dated 17th September, 2021 on dispensing with physical signatures on proposal forms.
It has now been decided by the Authority to further extend the facilitation dispensing with physical signature on proposal forms and permitting OTP based validation, up to 30/09/2022. All other provisions, in respect of this dispensation, of the above referred circulars remain unchanged.
It is also clarified that the facilitation exempting insurers from issuance of policy documents in physical form, granted under proviso to Regulation 4 (iii) of IRDAI (Issuance of e-insurance policies) Regulations, 2016, is not extended further.
Chief General Manager (Life Insurance)
