Mr. Anup Rau, Chief Executive Officer at Reliance Life Insurance Company Limited, today said that his company has entered into an agreement will all the five Insurance Regulatory and Development Authority approved insurance repositories to provide insurance policies to its customers in dematerialized form.
This step, which is in line with IRDA circular where an insurance company can enter into agreements with one or more repositories with an objective of providing policy holders the facility of keeping insurance policies in electronic form, is taken as an initiative to enable and encourage policy holders to hold their policies in electronic form. The five insurance repositories with which Reliance Life has tied up are as under:
- Database Management Limited
- Central insurance Repository Limited
- SHCIL Projects Limited
- CAMS Repository Services Limited
- Karvy Insurance Limited
Adding to the above, Mr. Rau said that this green initiative will make is easier for the customer to purchase and keep an eye on multiple life insurance policies in a single demat account. Further, issuance of policies in electronic form will not only bring greater clearness and convenience to customers but will also help in reducing its issue and maintenance cost. It will also undertake changes in the insurance policies with speed and accuracy.
Under this repository will issue a unique code number to all policy holders and all policies will come under that number.