E-insurance to be mandated in demat form from April 1, Here to know full facts

The Insurance Regulatory and Development Authority of India (IRDAI), has announced the compulsory digitisation of insurance policies starting April 1, 2024, making insurance policies available in electronic form. 

 Under this directive, all insurance policies across various categories, including life, health, and general insurance, will be issued electronically. Purportedly, the initiative provides a multitude of benefits for policyholders, ranging from enhanced convenience to highly tightened security.

Read Also : ICICI Lombard buys 0.19% stake in HDFC Life for Rs 233 crore

Unprecedently there are several advantages of digitization, including the elimination of paperwork, reduced risk of document loss, and simplified processes for updating details such as changes in address or contact information across multiple policies.

Furthermore, this digital transformation fosters and improves seamless communication between insurers and policyholders, facilitating and easing the claims settlement processes and ultimately enhancing the overall experience for policyholders.

An electronic insurance account allows you to access all your insurance-related documents, as well as any information regarding the same. It means one can access all the details of your insurance portfolio in one place.

 

Read Also : Central Bank of India gets approval for insurance JV with Generali Group