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 start but annual charges are high.
Good & smart work start.
It is very good,But can it is possible all policyholder is ready to open demat account and pay annual fees.
It may look good,
but all policy holders have access to computers & internet, Then it will be a burden for policy holders to pay annual fee for custodian. About password and ID, all cannot remember at all times.
When a person buys new policy, how do he get information by SMS or by mail.
Then he need to periodically visit the cyber cafe to check his transaction/policies in digital form with custodian. At rural places will it work, A lot to be thought in this context.
LIC must & should try to send premium notices well in time. THis importnat aspect is being negelected by the LIC and causing harassmnet to the the people in rural areas.
No doubt this is a good move, but friends be ready to get more fake calls, how? let me explain..
these 5 insurance repository will get applications from Insurance companies and their agents (e.g. Al**kit)
the form a customer needs to submit requires all major information personal, bank details and other insurance details. Please note Al**kit is also a corporate agent / broker in insurance.
they are employing insurance agents to fill E-insurance applications. do u think they will be unbiased and will not use that information for tele-calling.
Excellent move. This can be done only by LIC of India. Keep up your excellency in customer service
Good start .hope for best.can we lu all company police in one
It is a great idea and will be really helpful for the policy holders, mainly if an original policy is lost then to get a duplicate policy the process is very lengthy, So i think E-insurance will be very useful.
welcome this.