Mandatory e-Insurance Policies Requirement from April 2024

This document is a guide detailing the new regulation by the Insurance Regulatory and Development Authority of India (IRDAI) that mandates all new insurance policies to be held in electronic format starting April 1, 2024. The regulation aims to streamline the management of insurance policies by allowing policyholders to purchase and store their insurance documents in a digital format through an e-Insurance Account (eIA). This transition is expected to reduce the reliance on physical documents, thereby simplifying the process of managing various insurance types, including life, health, and general insurance. The guide outlines the requirements for insurers to issue policies electronically and the conditions under which exemptions may be granted. It also explains the benefits of e-Insurance Accounts, such as easier access to policy documents, simplified updates of personal information, and secure storage of insurance documents. Additionally, it addresses the option for policyholders to request physical documents if desired and mentions the lack of current guidelines for converting existing policies to electronic formats.