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Insurance Article

Digital Vehicle Insurance Policy: No Need to Carry Physical Papers Anymore!

May 04 2018
e-Vahan Bima digital insurance

The e-Vahan Bima digital insurance initiative does away with the need to carry physical insurance papers every time you head out

Be it car or two-wheeler insurance, all vehicle owners are required to carry physical copies of their insurance papers. Plying on the roads without insurance is against the law and enforcement officials can demand these papers anytime at random checkpoints. If a vehicle owner is caught without the papers, for whatever reason, then a fine is imposed.

What is e-Vahan Bima?

e-Vahan Bima is a motor insurance policy that is sent to the insured in a digital form. The Insurance Regulatory and Development Authority of India (IRDAI) has come out with this initiative in a bid to digitise vehicle insurance documents. Not only that, this policy also comes with a QR code that has all the details of the insured’s policy.

When the law enforcement authorities ask you for your insurance documents, all you have to do is show them this QR code on your smartphone. The police official will only need to scan the code and all the information will be made available to them, which will be directly taken from the insurer’s database or the central database of Insurance Information Bureau (IIB). If there is no internet connection, an SMS-based verification is also in place.

The Benefits of Digital Vehicle Insurance

Getting the policy papers in a valid, legal format does away with the need of carrying physical copies of your policy papers, thus enhancing convenience. Fraud detection will also get a fillip, as it will become difficult to get away with fake papers as the same can be verified using QR code instantly.

There will also be benefit of cost savings that is made possible due to insurers not required to send out physical documents to policyholders. The resultant cost saving can be passed on to customers in the form of reduced cost of policies.

The policyholder does not have to pay any additional charge for this digital insurance policy. Moreover, since this type of policy is entirely paperless in nature, it is environment friendly as well and will lead to protection of trees.

The e-Vahan Bima was first launched in the state of Telangana on January 2, 2016. This means that digital vehicle insurance policies are accepted by the state’s traffic department. Ultimately, this initiative will be rolled out across the length and breadth of India.

Buying a car is a big deal for many. It is a status symbol and a vehicle of convenience for those who buy it. However, the congested streets also ensure that unfortunate incidents are not far away. Buying a comprehensive motor insurance policy protects you from expensive expenses that may come your way.

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