Saturday, 13 August 2016

From October 1st, 2016 Insurance to be issued in electronic form

The insurance industry is all set to witness a digital revolution soon from October 1, 2016. From that date all the insurance policies will be issued in electronic form. To buy an insurance policy you will need an e-Insurance Account (eIA) to buy or renew policies. It is similar to buying shares online, after which they are stored in demat form.

Most policies, including all motor insurance and overseas travel insurance policies, will only be purchasable in demat form.

As per IRDA, the advantage of e-Insurance policy will be as below:
  • Maintain, store and retrieve your policies and the information in them easily
  • You can modify or revise your insurance policies with speed and accuracy
  • It will help increase efficiency and transparency
  • It will reduce the cost of issuing and maintaining insurance policies 
The IRDA Guidelines on Insurance repositories and electronic issuance of policies is available here.

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