Breather For Life Insurers! IRDAI To Now Accept Policies Electronically Via Email Amid Covid-19 Pandemic

In the wake of COVID-19 Global Pandemic and Work From Home situation prevailing, Life Insurers represented difficulty in filing hard copy of Quarterly Investment Returns.

(Representative Image/ Getty)

New Delhi: Witnessing the continuous surge in the cases of Coronavirus in India, Insurance Regulatory and Development Authority of India (IRDAI) has permitted the life insurers to issue life insurance policies electronically.  IRDAI Chief General Manager V. Jayanth Kumar issued an official circular to all the Life Insurers exempting the life insurance companies from the requirement of issuing policy document and copy of proposal form in physical form. The official notice issued by the regulator stated that in the wake of COVID-19 Global Pandemic and Work From Home situation prevailing, Life Insurers have represented difficulty in filing hard copy of Quarterly Investment Returns. On examining the request, the Competent Authority has allowed Life insurers to upload the Regulatory Returns through BAP module without physical filing and submit a soft copy through email to S.N. Jayasimhan, GM at email id -- snjayasimhan@irdai.gov.in -- for returns up to 31st March 2021. The notice further added that the physical copies may be kept ready for filing by a later date to be indicated by the Authority. The major relief has come at the time when India's COVID-19 situation continues to worsen with each passing day. Country's COVID-19 tally breached the 19-lakh mark on Wednesday, with 52,779 cases being reported in a day while recoveries rose to 12,82,215 including 51,706 in past 24 hours. According to the Union Health Ministry data, there are 5,86,244 active cases of Coronavirus infection in the country presently taking the total count at 19,08,254. The recovery rate among COVID-19 patients has gone up to 66.31 per cent. Around 857 patients succumbed to Coronavirus infection in the past 24 hours, taking the overall death toll to 39,795.