IRDAI has deferred the plan to introduce standard format for the proposal form for life insurance.
Insurance companies had raised concerns that a single standard proposal form might not suit all types of products of different companies.
“Prospective customers may not be comfortable in sharing so many granular details. The proposal forms are customised by life insurers for specific products and mandating a uniform proposal form format for all companies and products serves no purpose, the regulator said.
As of now the life insurers file proposal forms with IRDAI and the same is reviewed under the file and-use procedure at the time of product clearance.
