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.
Want to know more on insurance plans? Just leave a missed call on IndianMoney.com financial education helpline 02261816111 or just post a request onIndianMoney.com website. IndianMoney.com offers Free, Unbiased and on-call financial advice on Insurance, Mutual Funds, Real Estate, Loans, Bank Accounts and capital markets.
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.
Why an e-insurance plan?
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.
SEE ALSO: Aadhaar Card Check Online
How to open an e-insurance account?
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
The research team at IndianMoney.com comprises of certified and experienced professionals who share the company's vision to make every Indian financially literate by equipping every Indian with right and unbiased advice. IndianMoney.com research team provides newsletters, articles, videos and FAQs on various financial products and concepts only to help you make wise financial decisions.
Subscribe to our Youtube Channel
Hello friend! I am your personal financial advisor. By the end of this interactive session, I will help you to plan yours and your family's finances to ensure a better future.