Business insurance

How digital insurance policy documents can make your life easier


The insurance policy document is essential for filing a claim as it contains all the details of the insurance coverage and sets out all the benefits, conditions and exclusions, if applicable. It also contains the contact details of the insurer.

The policy document is also important because it contains all the details that were agreed upon by both parties when signing the insurance contract, and the insurer is obligated to honor the commitment as stipulated in the police document.

Although the majority of insurance policy buyers still prefer to keep the physical policy document, this is no longer required.

Numerical format

Under Regulation 4, the Insurance Regulatory and Development Authority of India (Irdai) said in 2016 that an insurer must issue both physical and electronic documents to shareholders. However, in September 2020, the insurance regulator said that for health insurance policies, insurers should send a copy of the proposal form electronically to the registered email id or cell phone number provided by the customer.

After that, the insured should be informed by SMS that the policy document has been sent to them electronically. If the policyholder requests the physical version, this will also be made available. However, the physical policy documents could be delayed due to operational issues due to Covid.

Currently, insurers are not required to send physical copies of insurance documents until March 31, 2022.

Insurance companies and brokers also allow policyholders to download policy documents from the app or website or request them via email or call center. Many insurance companies have since stopped issuing physical documents, unless requested otherwise, as part of their “go green” initiative.

“A customer is not required to send physical documents when making a complaint. However, physical documents are also accepted if the customer only wants to physically send the documents to us. However, this usually increases the Turnaround Time (TAT) for claims settlement, ”says Adarsh ​​Agarwal, Appointed Actuary, Go Digit General Insurance, an online general insurance company.

You can request a physical copy of your policy document from the insurance company, if necessary. You can simply do this by contacting the customer service team by email or phone.

Digital claims

“At Digit, physical documents like your policy documents, other proof of claims like invoices etc., or other identifying documents can be sent digitally during a claim. A customer is not required to send physical documents when making a complaint, ”Agarwal explains.

He further explained that physical documents are also accepted if the customer only wants to physically send the documents to them. However, he said it usually increases the turnaround time (TAT) for settling claims.

Storage of policy documents

It is possible to store essential documents online nowadays. Make sure that the platform they use to store documents, including the insurance policy document, is well encrypted, is password protected to the extent possible, and that members of your closest family, such as your spouse or children, have access to it. You can also store them in your car or phone for easy access.

Digitization has dramatically improved the lives of investors and consumers after Covid. READ the details of how it made the difference, read the next issue of Outlook Money.