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You will now have an opportunity to digitise you insurance policies.
The Insurance Regulatory and Development Authority (IRDA) has permitted five firms to operate as repositories.
According to a circular, NSDL Database Management Ltd, Central Insurance Repository Ltd, CAMS Repository Services Ltd, SHCIL Projects Ltd and Karvy Insurance Repository Ltd can operate as insurance repositories till July 31, 2014.
E-mode option
The insurers can now tie up with any one or more of these entities, to offer policyholders the option to keep their policies in the electronic mode.
The e-insurance accounts would be maintained with a unique number, records of e-insurance policies issued and converted back into physical form and an index of policyholders, among others.
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