The
Insurance Regulatory and Development Authority (IRDA) has informed that the
Insurance Repository System was launched on 16th of September, 2013 with the
objective to provide policy holders a facility to keep insurance policies in
electronic form and to undertake changes, modifications and revisions in the
insurance policy with speed and accuracy in order to bring about efficiency,
transparency and cost reduction in the issuance and maintenance of insurance
policies.
Benefits to the policy holders are as under:
• The policy
holders are relieved of the problems of storing, retrieving and safe custody of
the physical insurance policies.
• Possible
reduction in premium owing to the electronic issuance and maintenance of the insurance
policies due to the cost efficiencies.
• The policy holders are able to view the status of all his/her insurance policies held under an electronic Insurance Account (eIA) at one place.
• Majority of
the service requests can be placed with the Insurance Repositories who will
facilitate the delivery of the service by the Insurance companies. The policy
holder is relieved from the trouble of visiting offices of multiple insurance
companies to address change requests like change of address/nomination etc.
• The elA holder
can appoint an ‘authorized representative’ who can operate the account in case
of death or disability of the policy holder to facilitate the
nominees/assignees in claiming the benefits under the insurance policies.
This was stated by Minister of State for Finance, Shri Namo Narain Meena, in written reply to a question in the Lok Sabha today.
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