Reliance Anil Dhirubhai Ambani Group's Reliance Capital recently announ...
Mr. Anup Rau, Chief Executive Officer of Reliance Life Insurance Company announces the introduction of life insurance policies in electronic format. This facility will be available for all the products under the life insurance basket.
This e-system was introduced a week after Finance Minister Mr. P. Chidambaram launched Insurance Repository System in Hyderabad.
This move which will facilitate policy holders to hold their insurance policies in dematerialized format has also received approval from market regulator Insurance Regulatory and Development Authority and for that IRDA has given licenses to following five Companies to act as an Insurance Repositories, viz;
- Database Management Limited
- Central Insurance Repository Limited
- SHCIL Projects Limited
- CAMS Repository Limited
- Karvy Insurance Limited
Mr. Rau also said that with the introduction of this new e – system, repetitive request for KYC requirements will be get rid of. Further, this will also provide a complete picture of the policies of the individual policy holder like premiums paid, claim history, nominee details, renewal dates etc. It will also bring in the advantages of all the facilities that are available with a demat i.e elimination of possible loss or destruction of policy etc.
Reliance Life Insurance is a joint venture between Reliance Capital – an Anil Dhirubhai Ambani group and Japan’s Nippon Life Insurance. 74% of the share holding of Reliance Life is held by Reliance Capital and balance 26% is held by Nippon Life. Company’s total premium amount as of 31st March 2013 stood to Rs. 4,015 crores.