You cannot put a price on the value of an insurance plan. It’s just too high. It’s foolish to step out of your home without insurance. Yes, enough of this. You already know the value of insurance. What about your insurance policy documents? Aren’t they important? What if they are lost, damaged or stolen? Wouldn’t it be difficult for you or your family members to make a claim?
To solve this problem, IRDAI (Insurance Regulatory and Development Authority of India), will make it compulsory for you to have insurance in an electronic format by the end of 2018. This is a great move as it helps you change/modify/revise your insurance plan, really fast. Your insurance policy will always be available online.
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It’s nothing but an electronic version of your physical insurance policy document. The insurer will mail you this document in the PDF format. If you have an e-insurance account, your insurance plan will be dematerialized (converted to electronic format) and stored in your account, just like shares in a demat account.
The insurer issues and maintains e-insurance plans by utilizing the services of an insurance repository. A repository is a Company licensed by the IRDA, which maintains data of insurance plans in an electronic format on behalf of you and other insurers. Only an insurance repository can provide you an insurance plan in the dematerialized form. NSDL Database Management, Central Insurance Repository, Karvy Insurance Repository and CAMS Repository Services Limited, are the 4 repositories, approved by IRDAI.
All insurance plans stored in the electronic form are valid.
Insurers spend crores of rupees maintaining your and other policyholder’s accounts in the physical form. With e-insurance, all this money can be saved.
It’s time to say goodbye to physical insurance plans. Time to take up e-insurance plans. Why say no to convenience? Be Wise, Get Rich
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