Health Insurance: From applying to receiving policy document, entirely online

Now that health insurance has become a necessity, especially with Covid and with the rise in medical costs, more and more people are seen opting for health insurance policies, online.

Buying health insurance along with other insurance policies have gone entirely online, especially since the pandemic. With the ease of access and insurance companies encouraging people to opt for policies online, digital traction has increased.

The process of buying an insurance policy has become entirely digital starting from filling up the application form to receiving the policy documents. In the wake of the Covid-19 pandemic, IRDAI had issued a circular for all General and Health Insurers, to issue electronic policies and exempt from the requirement to issue physical policy document and hard copy of the proposal form.

Now that health insurance has become a necessity, especially with Covid and with the rise in medical costs, more and more people are seen opting for health insurance policies, online.

Having said so, while opting for a policy online, make sure of certain things so that you do not fall prey to any digital scam or fraud. For instance, after buying a policy, the insurer will have to send the policy document and a copy of the proposal form through digital mode, either to the registered e-mail id or mobile number provided by the policyholder. As a policyholder, you will also be informed through SMS that policy documents have been sent to your e-mail address or any other digital mode (WhatsApp).

Also, make sure that the policy documents that have been sent digitally, contains all the schedules, terms and conditions, benefits, etc. that are otherwise available in the physical document.

Keep in mind, that you might not be able to get your hand on the physical policy documents as due to operational difficulties in the wake of the ongoing COVID-19 pandemic situation, many insurance companies have temporarily stopped issuing physical documents or there could be a delay in dispatch of the documents. However, the policy document that has been sent digitally is valid as the physical policy document, hence, don’t delete them.

Here is the application process without a signature on the form;

When proposal forms are collected for health insurance policies, instead of requiring a wet signature on the hard copy of the proposal form, insurers are also allowed to obtain the customer’s consent subject to the following:

– The completed proposal form is sent to you, a prospect, on your registered e-mail ID or mobile number by means of a message with a link.
– If you want to give consent to the proposal, by providing a link for confirmation or through One Time Password (OTP) duly validated, you can give your consent.
– As insurers will need verifiable, legally valid evidence for your consent received for the fully completed proposal form, to proceed.