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Issuing Electronic Insurance Policies to Become Mandatory

April 28 2015

Insurance Regulatory and Development Authority of India (IRDAI) is in the process of ensuring that insurance companies provide the insured with an electronic version of new insurance policies. This move is targeted towards policies with a premium of more than ` 10,000 regarding motor and health insurance. For life insurance policies, the limit for compulsorily issuing electronic policies is ` 50,000. Issuing electronic insurance will also be applicable to organizations employing more than 50 employees and providing group life and health policies.

Policyholders can opt for a physical copy of the insurance policy as well. It will be the insurance provider's duty to enquire if the policyholder wants the copy in a physical form. Even if the policyholder insists on having a physical version, the insurance provider will have to mandatorily provide an electronic version or a dematerialized form of the insurance policy along with it.

An electronic version of your policy will ensure that it does not get damaged due to wear and tear. In addition, you do not need to worry about misplacing it. It will also give you the option to access it from anywhere via an internet connection.

NSDL, Central Insurance Repository, CAMS Insurance Repository, Stock Holding Corporation of India Ltd. (SHCIL) and Karvy Insurance Repository are authorized by IRDAI to dematerialize physical policies. Currently, this facility is available for life insurance policies.

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