I am 38 years, married and residing in Chikmagalur. I have availed a term life insurance plan and an endowment life insurance plan and pay the premiums regularly. I have stored the life insurance policy documents in my home cupboard. I am worried that if these documents are lost or destroyed, my nominee's claims may not be settled. As I am forgetful by nature, I want to store my life insurance policy documents in both physical and electronic form. Is this possible?
You can either store the life insurance policies in physical form or electronic/demat form, but not both. You can opt to keep some policies in demat form, while some in hard copy/physical 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. When you opt for e-insurance copy, your nominees are not required to submit the physical/hard copies of the life insurance documents at the time of making the claim. You must remember that the soft copy of your life insurance plan stored in the email is different from an e-insurance plan.