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26th July, 2019 is not applicable to these Circular b) Thirty (30) days Free Look period may be allowed for
provisions. all such electronic policy documents.
16.4 The Insurers may continue to offer existing POS c) Return of electronic policy document by mail by
products till March 2020 and ensure appropriate policyholder with clear intention of cancellation of
systems and sales readiness prior to modifications policy shall be valid for Free Look Cancellation.
of the existing Non-POS products. d) Express consent of the policyholder to receive electronic
3. The Maturity Benefit mentioned in Annexure 11 (b) of policy bond is required. If a policyholder insists on hard
the Master Circular (under Non-Liked, Non-Participating copy, the same has to be issued without any charges.
Endowment Product) to be read as "Guaranteed e) Policy document shall be sent to the email id submitted
Maturity Benefit in absolute amount". by the proposer. The exemption shall be valid for all

4. In Annexure-V of the Master Circular, signature of Chief policies issued during FY 2020-21.
Compliance Officer is substituted for that of AA and CEO.
5. Monthly review of complaints of Unfair Business V. Jayanth Kumar
Practices and mis-selling for business completed Chief General Manager
through this Channel must be done and corrective
action initiated. Guidelines on Wellness and Preventive
Features
K. Ganesh
Member (Life)
1. Reference is invited to Chapter VII of the Consolidated
Guidelines on Product Filing in Health Insurance
Issuance of Electronic Policies Business issued vide Circular Ref: IRDAI/HLT/REG/CIR/

194/07/2020 dated 22nd July, 2020 specifying norms on
This has reference to the provisions of Regulation 4 of IRDAI Wellness features. In supersession of these Guidelines
(Issuance of e-Insurance policies) Regulations,2016. In the on wellness features / benefits, under the provisions of
wake of emerging situation of Covidl9 Global Pandemic and Sec 34(1) of the Insurance Act 1938, read with
taking into account (i) and (ii) below, Regulation 8(d) and 19 of IRDAI (Health Insurance)
i) the feedback received from the Life Insurers expressing Regulations 2016, the following norms are prescribed:
difficulties in printing and dispatch of policy documents a. Any wellness and preventive feature shall be

ii) the desirability of adopting digital means of doing designed only with the objective of maintaining and
business in the interests of policyholders and other improving good health, thereby enabling affordable
stakeholders health insurance.

exemption is allowed by Competent Authority under Proviso b. As part of promoting wellness and preventive
to Regulation 4(iii) of the Referred Regulations, from the regime, insurers may offer reward points to those
requirement to issue policy document, copy of proposal form policyholders who comply with or meet the set
in physical form. The exemption is subject to criteria of wellness and preventive features.
a) Life Insurer confirming the date of receipt of electronic c. No Wellness and preventive feature shall be offered
policy document by the policyholder through PIVC or without it being filed or incorporated as part of the
other means and preserving the proof so that Free Look product in terms of the Product Filing Guidelines.
period may be calculated from that date. The methodology and criteria to be used for

The dreamers are the saviors of the world.

Life Insurance Today January - June 2020 41