IRDA (of India) launched Insurance Repository System (IRS) in October 2013. The insured can demat their Insurance Policies by using this new system. Some ins and outs of this system:-
- IR (Insurance Repository) allows to hold the insurance policies in demant form. The insured can now keep their policies in an e-insurance account with an insurance repository.
- A policyholder can open an e-insurance account with any of the five repositories (NDSL, CIR, SHIL, CAMS & KARVY) approved by IRDA. An individual can have only one e-Insurance Account.
- If the insured has policies with different insurance companies, the insured can store all the policies in one account.
- If the insured wants to buy a new policy, the insured can just quote the existing account number of e-insurance in the application and opto for a policy in the electronic form. As an existing customer of e-insurance account, process will be must faster.
- The insured / policyholder has to pay nothing to open an e-insurance account. Insured does not need to pay anything to convert the existing policies in to electronic form. The insured can make all their requests (for change of address, nomination, sum assured, account details, contact details etc.) online.
- All the existing life insurance and pension plans will have to be converted in to demat form, if the insured want to store them in e-insurance account. Insured can submit their request for the same online.
- If all policies are stored in e-Insurance account, insured will not have the fear of losing their physical documents.
- Insured can track all their policies at one place and no need for them to visit different insurance companies for their services. Paperwork will get reduced and updating details online will become much easier, faster and more reliable.