The New Insurance Repository System

Recently the IRDA has launched the Insurance repository system.Here’s more about the system:

1) What is an insurance repository?

It is a facility that allows you to hold insurance plans in the demat form. As is the case with shares and bonds, which can be held in a demat account with a depository, you can keep your insurance policies in an e-insurance account with an insurance repository.

2) How can you open an e-insurance account?

A policyholder can open an e-insurance account with any of the five repositories approved by Irda. These include the NSDL Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and Karvy Insurance Repository. Irda has also stipulated that an individual can have only one e-insurance account.

3) What if you have policies from different insurers?

Even if you have policies from multiple insurance companies, they can be stored in the same account. Right now, only life insurance policies and pension plans are being allowed to be held in e-insurance accounts. However, the facility will eventually be extended to health, car, home and other forms of general insurance. Read more of this post