LIC has decided to start Digital policies in the coming days and there will be no hard paper copy of the Insurance documents like Bond Paper. This is a good move as physical papers are easy to get damaged or lost due to various circumstances.
Your E-insurance policy details will be kept in Digital Account like Mutual Fund and Shares are kept in the Demat account through the repository.
Currently, IRDA has approved this 5 insurance repository (IR) in India:
- NSDL Database Management
- Central Insurance Repository
- Karvy Insurance Repository
- CAMS Repository Services
- SHCIL Projects Ltd.
This insurance repository helps you buy and keep your policy in electronic form instead of physical form.
India First Insurance company started issuing a policy in electronic form in 2013 however only 2% of policies are currently in digital form.
While the digitized policy is not compulsory, but high-value policies will be mandatory to digitize. There will be Rs.500 to 900 annual fees for an electronic account and this will be borne by insurers.
Benefits of E-Insurance:
- No headache of policy papers
- keep track of all policies in one place
- Hassle-free online premium payment
The digital initiative is recommended by IRDA and, we will see if other companies also adopt E-Policies. What’s your opinion on your E-insurance? Please share your views below:
Good initiative, charges are high to discourage greater participation. Can old policies be digitised?
Great move to digitalise the LIC policy. My only concern is the online payment options should be more easy. Especially yet I have not figured out a way to pay monthly or quarterly premium through online website. Other than that it’s great move.
Thanks
good move. All the best. My support as agent. 02287902
This move “Digital” is good for LIC management team to maintain all data/ records and deals.
Not necessary for ordinary or less educated people/ or not educated people.
Physical paper gives feeling to poor people as they have some insurance money as property/safeguard. They cannot understand Digital email document.
There are many changes there for hikers to steal data’s and change the date and make money by themselves.
But you can implement digital documents/information along with hard paper works till all people get educated with email. It may take many years to completely depend on Digital.
Good start,….der should be facility to pay premium quarterly online . digital policies
Would not be comfortable to those who doesn’t have knowledge …
.let’s see
Its very good move by irda. Try to link it with any one bank account so that it will be easy to track Maturity or other claim related benefits.
It could also control the demand of kyc/aml whenever anyone wants to purchase a new policy.
If the policy holder forgot the password for the stored policy how can he get ,so,clarify
what u do when u forgot your email account? its easy to reset your password after simple verification
You will get clear picture once a e-policy is launched.
good start
Can any one enrol there Past Insurance in this repository system. And how it works??
May I able to do e insurance policy without help of LIC Agent. That means will there be any Agent in e insurance like present offline policies ?
Yes, Truly a good initiative and highly approciated. This also supports Green environment which is a very good move. Keep it up.