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New insurance policies will be issued only in electronic format from April 1: Complete details on e-insurance accounts
It is mandatory now for insurance companies to issue only digital policies from April 1. Check complete details
If you wish to buy insurance after April 1, 2024, your insurer will issue the policy only in digital form in line with the Insurance Regulatory and Development Authority of India’s Protection of Policyholders’ Interests regulations. As per the new rules, it is compulsory for insurers to issue policies in dematerialised form and this will now be facilitated by four insurance repositories- CAMS Repository, Karvy, NSDL Database Management (NDML) and Central Insurance Repository of India.
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What are e-insurance accounts?
E-insurance accounts involve issuing and holding policies in digital form. While most private insurers already open e-insurance accounts for policyholders, policyholders can choose to buy and hold other policies in electronic form.
What changes now?
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It is mandatory now for insurance companies to issue only digital policies from April 1. IRDAI’s final regulations said, “Irrespective of whether the proposal is received in electronic form or otherwise, every insurer shall issue insurance policies only in the electronic form.”
What if you want to hold your policies in physical form?
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This option is still available and you can continue to hold older policies in physical form. You can also insist on a physical copy while filling up the proposal form to buy insurance.
How to open an e-insurance account?
E-insurance account can be opened at the time of buying a fresh policy. You can also convert existing, physical insurance policies into electronic form.
What is the fee to open an e-insurance account?
Your e-insurance account will be opened free of cost.
