Dematerialization of Life Insurance
IRDA has introduced the facility of holding the insurance policies in an electronic form (similar to the demat facility on stocks).
- 'e-Insurance Account' is the portfolio of insurance policies of a policyholder held in an electronic form with an insurance repository.
- 'Insurance Repository' is a company maintaining data of insurance policies in electronic form on behalf of insurers, including history of transactions during the term of the policy.
Frequently asked Question on Demat of insurance policies:
What are the benefits of holding the policies in e - insurance a/c?
Policyholders can keep all insurance policies in electronic form and can undertake modifications in the insurance policy with speed and accuracy. Once the policy holder has an account with a repository, he can purchase subsequent policies from any insurance company without the hassle of submitting KYC documents (Address, Identity Proofs) again.
Who can open an e-Insurance Account?
The e-insurance account can be opened by existing policy holders or potential insurance policy holders. As a customer, you can have only one 'e-Insurance Account'
Which are the Policies eligible to hold in electronic form?
All life insurance policies, health and pension policies issued by registered life insurance, Health Insurance and General Insurance companies registered with IRDA.
What are the documents required to open an e - insurance account?
KYC documents (Valid address proof, prescribed photo identity proof like PAN card/Aadhar card) , and a duly filled form will be required.
Can I open an e - Insurance Account today?
No. The process at insurers and Insurance Repositories is under way. Once the process is ready you will be informed.