Dispensing with physical signatures on Life Insurance proposal form allowed

Insurance Regulatory and Development Authority of India

Ref: IRDAI/Life/Cir/Misc/055/03/2021

Date: 23^nd March, 2021

To,

All Life Insurers.

Re: Dispensing with physical signatures on proposal forms.

Vide IRDAI/Life/Cir/Misc/274 dated 11^th November 2020, Life Insurers were allowed to obtain customer’s consent through electronic means under all products, till 31^st March 2021. On a review of the working of this arrangement and on the basis of feedback received from Life Insurers, the Competent Authority has extended the dispensing of physical signature on proposals beyond 31^st March, 2021.

Therefore, the clause (1) of the above referred circular, now stands modified as:

Life Insurers are allowed to obtain the customer’s consent through electronic means, i.e., without requiring wet signature on the proposal form, for the business solicited by Individual Agents and Insurance Intermediaries, under all products, till 30^th September 2021.

All other provisions of the above referred Circular remain unchanged.

(V.Jayanth Kumar)

Chief General Manager