After shares and mutual funds, its now the turn of insurance policies to be digitised, with insurance regulator IRDA expected to give the nod for making policies available in demat form.
Insurance companies and insurance repositories are working on issues connected to the proposal. Several aspects regarding the same have been discussed, Life Insurance council secretary-general SB Mathur said.
An insurance repository is a company maintaining data on insurance policies in electronic form on behalf of insurers, including the history of transactions during the term of the policy.
If the proposal becomes a reality, new life insurance policies and over 35 crore life insurance policies issued by 24 life insurance companies that are currently in force will have the option of being held in electronic form.