It is a facility that allows you to hold insurance plans in the demat form like shares and bonds. You can keep your insurance policies in an e-insurance account with an insurance repository and enables to undertake changes, modifications and revisions in the insurance policy with speed and accuracy. The Insurance repository system also brings about efficiency and transparency in the issuance and maintenance of insurance policies.
An individual who is not having any insurance policy can open an e-Insurance account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person. Five repositories approved by Irda, these include the NSDL Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and Karvy Insurance Repository.
An Approved Person is a Point of Sale (PoS) appointed by Insurance Repository and will be working on behalf of Insurance Repository to extend the IR services.
If your policies are stored in the electronic form, you don't run the risk of losing the physical documents
It will become easier to track your policies as the details will be available at one place. You won't have to go to different offices anymore.
Your paperwork will reduce. With the repository as the single point of service, updating details like change of address or nomination will become easier, faster and more reliable.
It will reduce mis-selling because the agent will not be able to keep the new insurance policy till the expiry of the 15-day free-look period.
All requests in respect of either your e-Insurance account or any of the electronic policies may be made to the Insurance Repository. However, requests in respect of the policies can also be made directly with the Insurer concerned.
Upon a request, the Insurance repository would handle all servicing needs that fall within scope of their services directly and would forward the others to the Insurer concerned. An update to the policyholder would be provided by the Insurance Repository on the status of the request in respect of all the requests that it receives.
A list of all policies that are credited will be available in the e-Insurance account. For each policy, policy level details like the status, commencement, maturity/expiry, nomination, assignment, endorsement, address, terms and conditions etc., would be available. In addition, the e-Insurance account holder will be able to download a copy of the policy bond.
All the services provided by Insurance repositories are FREE of charge.
All Life insurance, Health insurance, General insurance & Annuity policies that are issued by registered insurance companies with IRDA and who have signed up with the Insurance Repositories are eligible to be held in the electronic form.