Let January come and you will be able to access and manage your insurance requirements, with the help of an online account. This will make the lives of policyholders very easy as it would mean reduced paperwork, and a hassle-free process when buying new policies or accessing details of existing ones.
The Insurance Regulatory and Development Authority (IRDA) is in talks with National Securities Depository Limited (NSDL) and some other industry players in an effort to launch the system in January. The process will require life insurers to dematerialize life insurance policies. The committee at Life Insurance Council will send a proposal to IRDA, as per the Council’s secretary general S.B. Mathur.
This will empower policyholders to keep a check on their policies even if the documents are lost, which will be a relief to all. It will hold details of the premium amount, fees, commission, etc. Additional details would be renewal date, policy benefits, agent name, etc. of all kinds of policies. Travelers will be able to access their travel insurance policies with the click of a button from any part of the world. In case of medical emergencies, policyholders will be able to check their health insurance, accident insurance policies, auto insurance, etc. It should also make the claim process less cumbersome. The idea is also to keep a check on money laundering activities and investment of black money.
Insurance companies will be able to save costs in terms of paperwork, verification process, administrative costs, etc. All-in-all, this will make the entire insurance process very easy, meticulous, methodical, and tedious.
