·
Documents
of insurance policy will become paperless and digital just like shares in the
new year and efforts of insured people would be saved from preserving the
physical copies of their insurance plans.
·
From
April, insurance policy documents would available in electronic form for all
the new insurance policies sold. More than around 25 crore insured people
holding nearly 37 crore policies would receive their e-insurance in phased
system.
·
The
Insurance Regulatory and Development Authority i.e. IRDA is likely to declare
the exact manner to make it compulsory, by which insurers would have to
mandatorily issue insurance products to their clients on in electronic form.
·
As
per estimation, the existing cost to insurance company in India to service
policies is more than Rs 600 per year per policy. With insurance repository,
the first incidental cost would reduce to less than Rs 100 per year per policy.
·
It
shall benefit both insured people as well as insurance companies in India in
terms of cost and convenience both. CAMS Repository Services, CEO, S V Ramanan
said that they have started various levels programs for educating insured
people on e-insurance all over India leveraging their wide network of around
390 branches and their domain expertise in insurance.
·
Insured
would have the choice to access their policies online by signing in to an
insurance account in the electronic form at completely zero cost.
·
The
insurance policy benefits for insured person with e-insurance account is
convenience, single KYC, safety, aggregate view of all plans and service on
demand.
·
Policyholders
can maintain policies in electronic form with the help of Life
Insurance Plans repository system and also undertake changes and revision
in the plan with accuracy and speed. Policyholder will also get details about
his Indian insurance policy rider with just one click.
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