The Insurance Regulatory and Development Authority of India (IRDAI) has announced that digitising insurance policies will be mandatory starting April 1st in the new financial year. This means that all insurance companies, including life, health, and general insurance, will have to offer e-insurance policies.
The e-insurance policies will be saved electronically in an e-insurance Account (EIA) online, which policyholders can access online, just like a demat account for equity investments.
This move will make managing insurance policies more convenient and efficient. It will also reduce the risk of document loss as policyholders can re-download lost documents and easily track policy details and renewal dates. Policyholders can also update their information easily in the e-insurance account, making communication between insurance companies and policyholders more accessible.
Overall, this development is expected to make the claims process more convenient and reduce difficulties for the insured person. It will benefit policyholders in many ways and is a step towards facilitating the use of insurance policies.
