Private insurer Reliance Life Insurance Co today said it has join hands with all five insurance repositories to provide life insurance policies in electronic form.
Reliance Life Insurance has tied up with five insurance repositories —— Database Management Ltd, Central Insurance Repository Ltd, SHCIL Projects Ltd, CAMS Repository Services Ltd and Karvy Insurance Ltd —— to enable and encourage policyholders to hold their insurance policies in demat form.
The Insurance Regulatory and Development Authority (IRDA) has approved all these five companies as Insurance Repositories (IR).
“We have tied up with all insurance repositories to offer insurance policies in electronic form for our customers,” Reliance Life Insurance CEO Anup Rau said. “This green initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account,” he added.
According to IRDA, insurers can enter into agreements with one or more repositories. The objective of creating an insurance repository is to provide policyholders the facility to keep insurance policies in electronic form.
“Dematerialisation of policies will bring greater transparency and convenience to customers and it will also help reduce cost in issuing and maintaining life insurance policies. More importantly, it will also ease the problem of accessing customers,” he added.