Insurance Policy: After the reduction in the cases of Kovid-19 epidemic, now most people want insurance companies to provide documents related to their insurance policy in paper form as well. However, people want the digital copy of the insurance policy to continue to be available to them as well. This information has been given in a survey.
Most people now want insurance policies digitally in paper form – Survey
The survey has been prepared on the basis of responses from around 5000 people across different age groups and cities. Around 88 per cent of the respondents prefer to keep a physical copy of their insurance document as insurance companies may demand it at the time of claim.
Demand of 80 percent people – IRDA should give instructions
According to a survey by the Bombay Master Printers Association (BMPA), over 80 per cent people say that the Insurance Regulatory and Development Authority of India (IRDAI) should instruct insurance companies to provide physical copies of policy documents to customers. The survey said that many insurance companies decided to go ‘green’ even before the pandemic by completely removing physical copies of insurance policies or making it optional. While many consumers believe that insurance companies ask for the policy in paper form from them while claiming the policy amount.
Exemption was given due to covid
As per IRDA regulations, insurance companies are required to issue insurance documents both in physical and electronic form to the policyholders. However, as an interim measure in the wake of the COVID-19 pandemic, insurance companies were allowed to issue only electronic policy documents and were exempted from the need to send insurance policies in paper form till March 31, 2022.