12 Apr, 2022 | Weekly

Weekly Insurance Round-up Tuesday, April 12, 2022

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By Team Beshak
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We're back with the next edition of Beshak's Weekly News Round-up - an analysis of all Insurance News & Updates, straight from our research desk! Don't forget to share your feedback with us, and give us a thumbs up if you find this helpful! 

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✴️ Life & Health insurance policies can be bought without physical signatures, as IRDAI extends timelines 

✴️ ICICI Securities partners with CoverStack to offer insurance 🤝

Life & Health insurance policies can be bought without physical signatures, as IRDAI extends timelines ⏳

  • As per a circular dated 31st March 2022, IRDAI has extended the timeline of not requiring physical signatures on life insurance proposal forms and allowing OTP-based validation until September 30, 2022.
  • For health insurance policies too, the timelines for dispensing with the physical papers and wet signatures on the proposal form have been extended till September 30, 2022.
  • The pandemic restrictions had made it difficult for people to buy new insurance coverage and hence, IRDAI had permitted insurers to obtain policyholder agreement via digital means.
  • This exemption was originally valid until March 31, 2021, however, IRDAI extended it until September 30, 2021, because of the second wave of the pandemic. 
  • Since many parts of the country are still affected by Covid-19, the exemption has been extended from March 31, 2022, to September 30, 2022.

Source: Economic Times

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ICICI Securities partners with CoverStack to offer insurance 🤝

  • ICICIdirect and CoverStack recently announced a partnership under which the entire insurance journey of ICICIdirect's customers will be powered by CoverStack.
  • Customers of ICICIdirect will be able to search, customise, compare and buy health as well as motor insurance plans using CoverStack.
  • CoverStack follows a plug-and-play model that provides technological solutions and insurance infrastructure to banking, financial services, and insurance players.
  • ICICIdirect is a registered corporate agent and offers insurance products from various life, general, and health insurance companies.

Source: LiveMint

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