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:
make it fool proof and don’t make it half baked like ur old online.
This is a good move..Best wishes
It is a good thinking, I have five policy what about about the existing policy? Is it possible to enroll all the existing policy from various insurance including LIC. We are eagerly waiting for that.
Thanking you
This is a good initiative. Good for the environment. You say that “high value” policies will be mandatorily digitized. Pls clarify what is “high value”. If a policy holder has policies of 1 – 2 lacs, will these also be digitized? The annual charges should be less or be shared 50-50 by the holder and the LIC.
Hassel free and costless to keep paper document but the cost of electronic system is too much per annum. It should be free as paper work is minimised.
Link all the policies with aadhar card. So, that no need of number, user name and password remembrance.
Good move agent willbe free for bond with my support 2896546
good couraging intiative for green environment, and head ache of original bonds safety thanks ..but
it will be sign for indicate this is a one of the step to becoming a customer friendly,
in future Aagie aagie dekhie hota hai kya. . .. . . . . .
Great to hear, all the best….
Good initiative. What about the existing policy .Is it possible to enroll all the existing policy from various insurance including LIC
Thnx.
Dr pal
Yes, it is possible.