Do you wish to operate your insurance account online just like your bank account? This should be possible from next week, when e-insurance account services will be formally launched by Finance Minister P. Chidambaram.
You can open an account with any of the licensed insurance repositories, which maintain policies in electronic form and provide a service record of all policies.
The e-insurance account can be opened and accessed free of cost by applying in a prescribed form, a process similar to opening a bank account. A login and personal identification number will be provided to the accountholders. Interestingly, it is possible to open the account even if one does not have a life or non-life policy in his/her name, as it can be linked up later.
You will also be able to download a copy of the policy.
Besides promoting efficiency and transparency, the repository will act as a single-point stop for several policy service requirements, a senior IRDA official told Business Line .
The insurance regulator had recently issued licences to NSDL Data Management, Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository and CAMS Repository Services to offer the e-insurance account facility to policyholders.
Policyholders are obviously glad about this facility. “Whenever I want to know about my life insurance policy, I have to call my agent who takes some time to get back to me with the required information. Now we can access the info in no time electronically,” Jaya Shankar, a commercial tax department official said.
The industry is also happy, as the agents/insurers would be less burdened in terms of responding to various service-related requests.