Monday, August 15, 2022
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Majority wants insurers to restart sending physical copies of policy documents, says survey

A majority of individuals want insurance companies to restart sending them physical copies of their insurance documents along with digital format as COVID-19 cases have ebbed, according to a survey. Almost 88 per cent of the respondents prefer to have a physical copy of their insurance document as insurance companies may demand it at the time of a claim, according to the findings of a survey of around 5,000 respondents across age groups and cities.

A survey by the Bombay Master Printers Association (BMPA) further indicated that over 80 per cent of the respondents want Insurance Regulatory and Development Authority of India (IRDAI) to intervene and direct insurance companies to provide physical copy of policy documents to customers as a choice.

Incidentally, while several insurance companies decided to ‘go green’ by either discarding physical copies of insurance policies completely or making it optional, even before the pandemic, many consumers believe that the same insurance companies ask them for a physical copy while claiming for the policy amount, it said.

The companies not only ask for the physical copy of the insurance policy but also other necessary supporting documents, it added.

As per IRDAI regulations, an insurer has to issue both physical and electronic insurance certificates to policyholders.

However, as an interim measure in view of the COVID-19 pandemic, IRDAI had allowed insurers to issue only electronic policy documents and exempted them from the requirement of sending insurance policies in physical form till March 31, 2022.

This survey clearly indicates that the time has come for restart of pre-Covid standard practice of sending physical copies as it provides insured and his family a mental peace that they would not be harassed by the insurer during the time of claim, said BMPA managing committee member Mehul Desai.

The policy certificate contains critical details of the insurance cover laying out the benefits, terms and conditions, the procedure to file for a claim if needed, and the contact details of the insurer.

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