Source : Magicgyan Team
On 29th April IRDA had issued guidelines to form an insurance repository on the lines of National Securities Depository (NSDL) and Central Securities Depository (CSDL). The repository will be licensed by Irda and will be connected to all insurance companies.
This was done with an objective to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy.
How will it benefit the customers?
- Customers need not worry about losing the policies.
- All individual life insurance polices, health and pension policies and group policies issued by insurance companies can be held in the demat format.
- No extra costs or charges involved.
- Reduced transaction costs
- Physical printing and dispatch of policies can be done away with.
- No chance of policies getting lost in transit.
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