IRDAI Extends Deadline Related to Health Insurance Issuance

IRDAI Extends Deadline Related to Health Insurance Issuance - BimaBandhu

The insurance regulatory body in India, IRDAI (Insurance Regulatory and Development Authority in India) has extended the deadline to issue new health insurance policies in electronic form. As per the deadline extension detailed under the recent circular, the insurance companies can issue health insurance plans without a physically signed proposal form till the end of the current financial year, i.e., Mar 31, 2022.  

Previous Extensions of the Deadline 

  • The exemption for wet signature on an insurance policy was previously extended till Mar 31, 2021, on account of the Covid-19 pandemic. 
  • It was further extended till Sep 30, 2021, because of the impact of the second wave of the pandemic. 
  • The current extension of the deadline till Mar 31, 2022, is also made because of the continued impact of the pandemic. 

IRDAI Circular About the Extension of These Timelines 

This is done in reference to the Circulars Ref No: IRDAI/HLT/REG/CIR/235/09/20 dated 10th September,2020 and Ref No: IRDAI/HLT/REG/ CIR/062/03/2021 dated 24th March, 2021.  

With the partial modification of clause number 5 within the referred circular dated Sep 10, 2020, the timelines are extended up to Mar 31, 2022, for the following aspects: 

(a) Issuance of electronic policies 

(b) Dispensing with physical and wet signature on health insurance policies’ proposal form 

To read the complete circular, click here. 

 

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