Articles
Things You Must Know About Insurance Repositories
by Mona Singh WriterDo you know about the recent update on the Insurance repositories? IRDA has formally launched the Insurance Repository System (IRS) that allows a policyholder to demat the insurance policy. Thus, there are a few things that an individual should know about this new concept. What is an insurance repository? This is a facility that allows an individual to hold the insurance plans in the form of demat. This is similar to what the case is with shares and bonds that allows the holder to hold them in a demat account with a depository. With this new update, the policyholder can now hold the insurance policies in an e-insurance account with an insurance repository.
The first thing that comes to mind is ‘How To Open E Insurance Account?’ As per the update, a policyholder can easily open an e-insurance account with the available five repositories that are approved in the IRDA. To name them – Central Insurance Repository, NSDL Database Management, CAMS repository services, SHCIL projects and Karvy Insurance Repository. IRDA has also cleared that an individual is liable to hold only a single e-insurance account. So the question arises, will an insurer be able to store all the insurance policies in a single e-insurance account if the insurance policies are with multiple insurers.
In order to clear this, IRDA stated that for the time being only life insurance policies and pension plans are allowed to be stored in the e-insurance accounts. However, the facilities will not be limited to this and will be extended to the car, health, home and other insurance forms of general insurance. Therefore, an individual should know the process for Nir Registration. For this, an individual need to reach these five repositories and fill the form to apply for the e-insurance account. In terms of cost, there are no charges to pay by a policyholder to open this account. All these services are free even to convert the existing policies into electronic form.
In this, the insurance companies will save money that they used to spend on policy issuance and delivery. Thus, know the important advantages of opening an e-insurance account. When the insurance policies stored in electronic form, you stay away from the risk of losing the physical documents. It is easy to track all the insurance policies and fetch the details when needed from a single place. With this, the time, paperwork and need to visit different insurance offices are reduced. With this new facility, a policyholder finds it easy to avail different services at a point faster and without any delay.
It is now easy to change the nomination, address, avoid misspelling and other benefits. Thus, when you buy a new insurance policy and have an e-account, just buy it in an e-account. For this, you need to quote your account number while filling the application and submit it along with necessary documents. Once it is verified, the policy will reflect in your e-insurance account. Thus, open the e-insurance account and keep your insurance policies safe.
The first thing that comes to mind is ‘How To Open E Insurance Account?’ As per the update, a policyholder can easily open an e-insurance account with the available five repositories that are approved in the IRDA. To name them – Central Insurance Repository, NSDL Database Management, CAMS repository services, SHCIL projects and Karvy Insurance Repository. IRDA has also cleared that an individual is liable to hold only a single e-insurance account. So the question arises, will an insurer be able to store all the insurance policies in a single e-insurance account if the insurance policies are with multiple insurers.
In order to clear this, IRDA stated that for the time being only life insurance policies and pension plans are allowed to be stored in the e-insurance accounts. However, the facilities will not be limited to this and will be extended to the car, health, home and other insurance forms of general insurance. Therefore, an individual should know the process for Nir Registration. For this, an individual need to reach these five repositories and fill the form to apply for the e-insurance account. In terms of cost, there are no charges to pay by a policyholder to open this account. All these services are free even to convert the existing policies into electronic form.
In this, the insurance companies will save money that they used to spend on policy issuance and delivery. Thus, know the important advantages of opening an e-insurance account. When the insurance policies stored in electronic form, you stay away from the risk of losing the physical documents. It is easy to track all the insurance policies and fetch the details when needed from a single place. With this, the time, paperwork and need to visit different insurance offices are reduced. With this new facility, a policyholder finds it easy to avail different services at a point faster and without any delay.
It is now easy to change the nomination, address, avoid misspelling and other benefits. Thus, when you buy a new insurance policy and have an e-account, just buy it in an e-account. For this, you need to quote your account number while filling the application and submit it along with necessary documents. Once it is verified, the policy will reflect in your e-insurance account. Thus, open the e-insurance account and keep your insurance policies safe.
Sponsor Ads
About Mona Singh 
Writer
30 connections, 0 recommendations, 110 honor points.Joined APSense since, December 20th, 2017, From Delhi, India.
Created on Dec 20th 2018 23:59. Viewed 115 times.
Comments
No comment, be the first to comment.
