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Dear Readers, Thank you for your continuous support, feedback & suggestions. In this issue of Insurance Express, we bring one the most awaited upgrade in Insurance Industry - Demat of Insurance Policies. The facility to open a demat account is likely to start from 16 September, inauguration by Hon. Finance Minister Mr. P. Chidambaram. E-Insurance account - Demat of Insurance Policies Soon, you would be able to store even your insurance policies electronically under a single e-account. What is it? Soon, you would be able to store your insurance policies electronically under a single electronic insurance account or e-Insurance account. The biggest benefit it provides is that it keeps all your policy details together in one account so that you don’t run the risk of losing your physical documents or searching them at different places. IRDA has appointed five insurance repositories—NSDL, CIRL, SHCIL, Karvy and CAMS. As an insurance repository, these companies will maintain data of insurance policies in electronic form for insurers and will open e-Insurance accounts for policyholders. How will it benefit you? The biggest benefit is that you would no longer have to worry about losing your insurance documents. To access an e-Insurance account, you will get a user name and password. Hence, details are safe & secured. It will be easier for your nominee to track your insurance details when required. The account will allow you to hold all insurance policies—life, health, car and others—at one place. You can transact online, which means you can pay policy premiums or send service requests such as switching investment funds in a unit-linked insurance plan or change in Nominee/Policy assignment, change of address, etc; You can’t open multiple accounts. Can you buy online? Holding an insurance policy electronically is not the same as buying online. In order to hold policies in your e-Insurance account, you will need to quote your e-Insurance account number and make a request for dematerialization at the time of filling up the proposal form. The same applies when purchasing insurance online. You can also dematerialize existing policies by sending a request with your insurer or the repository you have your e-Insurance account with. What is the charge for opening e-insurance account? Opening an e-Insurance account is free of cost and you can also move from one insurance repository to another. The repositories have just been registered and the facility to open a demat account is likely to start from 16 September. The facility is optional for you, And if you ask your insurer, it will facilitate you. For more information on e-Insurance accounts, visit irda.gov.in
Posted on: Mon, 23 Sep 2013 15:02:24 +0000

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