E-insurance to be Soon Available as High-value Life Insurance Policies


BENGALURU:E- INSURANCES Are you facing problem to reach out to your insurance lender? How many times have you been to your insurance company to enquire and fill your details, while buying an insurance plan? Really, it is a hectic duty to go to the lender to buy a policy. How would it be, if you can, get all your work done at your home? Yes, it can be true. The Insurance Regulatory and Development Authority of India will soon be asking insurance companies to start with electronic insurance policies services.

The insurance regulator mandates issuance of insurance policies in an electronic form to reach out customers. Recently, the Economic Times has published an article stating that the high value insurances will be now available in the form of electronic insurance policy. The regulator has proposed to issue all new insurances policies with an annual premium of 50,000 as E- insurances.

This move will ensure that all high value insurances are made availed in the electronic form to attract more customers. Even if the policy holder would prefer to hold a physical policy, he still has to get an electronic form from the insurer. This new rule will also be applicable for new health and motor insurance policies with a premium exceeding 10,000.

NDSL, Central Repository, CAMS Insurance Repository and Stock Holding Corporation of India Limited or SHCIL have, already been authorized by the insurance regulator to abandon the physical policies and hence they will practice it soon. With this, the regulator can ensure customer satisfaction and keep track of the new policy holders as well.

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