A proposal to digitalis all insurance policies has been presented to the Insurance Regulatory and Development Authority of India (IRDAI). As per this, policyholders may have to pay a certain fee if they wish to keep a physical copy of the policy.
General insurance executives said that this could come into force in the next 2-3 years time since the industry has to first clear the backlog of digitising existing policies.
While a final timeline is yet to be announced, officials said that the regulator is keen on getting this done.
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