E-Insurance
What is e-Insurance policy?
e-insurance policy is a policy document which is an evident of insurance contract issued by an insurer digitally signed in accordance with the applicable provisions prescribed by law and issued in an electronic form directly to the policyholder or through the platform registered insurance repository.
we know that share and Mutual Fund are converting the physical shares of a company into an electronic form is commonly known as dematerialization (Demat).
IRDAI has issued Guidelines on Insurance Repositories and electronic issuance of insurance policies dated 29th April 2011, Circular for Procedure for appointment of Approved Persons dated 18th July 2013 and revised guidelines on Insurance Repositories and electronic issuance of insurance policies dated 29th May 2015.
The Objective of creating an Insurance repository is to provide the policy holder a facility to keep the insurance policy in electronic form and end to undertake the change modification and revisions in the Insurance policy with speed and accuracy.
Insurance repositories cannot sell or solicit the Insurance policy. they are authorised I need to maintain the policy in electronic Form and provide Service-record of all insurance policies.
Insurance repository maintain only policy Account information.
Electronic Insurance Account which will safeguard the insurance policy document of policyholder in electronic form.
Irdai has granted certificate of registration to the flowing five entries to act as Insurance repository that are authorized to open Open electronic Insurance Account.
1. NSDL Database management Limited
2. Central Insurance repository Limited
3.SHCIL project Limited
4. karvy Insurance repository Limited
5. CAMS repository Service Limited
An electronic Insurance Account Holder or policyholder required to:
a) Fill the electronic Insurance Account form
b) submit
1 Photo ID
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2 Recent passport size photograph
3 Cancel cheque
4 Address Proof
Some Question Answer taken from IRDAI site
Do I need to pay for opening of e-Insurance Account or on periodic basis?
NO. e-Insurance Account is offered ‘free of cost’ to the applicants.
Can any individual open more than one e-Insurance Account with any Insurance Repository?
NO. As per the IRDAI guidelines, an individual cannot open multiple e-Insurance Accounts.
Can I open an e-Insurance Account without having a life or non-life policy for my own self?
Yes, an individual who is not having any Insurance policy can open an e-Insurance Account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person.
What is the grievances redressal mechanism at Insurance Repository?
Every Insurance Repository will have a policyholders’ grievances cell to address the grievances in respect of repository services and electronic policies held by them.
Is it possible to opt out of the Insurance Repository system?
Yes, the policyholder shall make a request to his insurer and upon completion of all formalities in respect of the same, the hard copy of the policy document shall be made available.
How will the Authorized person deal with the e-Insurance Account?
After the demise of the e-Insurance Account holder and after settlement of all Insurance claims, the Authorized representative needs to make a request to the Insurance Repository to close the e-Insurance Account.