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:
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:
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:
This post was last modified on March 22, 2021
Retirement planning is an important part of life, and the government of India has introduced…
The year 2024 was monumental for India's stock market, with several Initial Public Offerings (IPOs)…
Are you a future and options trader looking to make the most of your investments?…
Becoming an LIC agent offers a promising career path with India's largest life insurance provider,…
LIC (Life Insurance Corporation of India) policies provide a dual advantage—financial security and significant tax…
What is Keyman Insurance: Keyman insurance is taken by a business firm on the life…
Leave a Comment