16-Dec-2011
Source : Zee News
Insurance Regulatory Development Authority (IRDA) has been working on the idea to put life insurance policies in electronic format by April 2012, a top official of insurance brokers’ association said on Friday.
"Stock Holding Corporation, Central Depository Services Ltd, NSDL, Karvy Computers and Computer Age Management Services are already working with the insures and the regulator to put in place the procedure," Insurance Brokers Association of India President Sohanlal Kadel said.
He said such system for general insurance policies will also be introduced later where motor policies are likely to be taken up first followed by health.
Insurance in electronics format will allow policies in electronic form and an e-insurance account will reduce hassles for buyers for the need for multiple numbers of proofs like age and address every time a policy is bought.
It will also save insurers money used to print and dispatch policies.
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