The Insurance Regulatory and Development Authority of India has asked insurers to send SMSes to policyholders on receipt of premiums.
Starting from January 1 2019, IRDAI has asked insurers to send messages to policyholders. This is expected to benefit customers who have until now complained of being unaware of the payment status of their premiums.
In an order, the IRDAI said that wherever mobile phone number of a policyholder was available in the insurer's records, the receipt of premium by the insurer under it's new policy shall be immediately informed to the concerned policyholder on his or her mobile phone number via an automatic SMS generated by the system.
"All Insurers shall put in place systems and procedures to ensure the above intimation to policyholders. The above guidelines shall be effective from 1st January 2019," IRDAI added.