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The finance minister P Chidambaram today launched the Insurance Regulatory and Development Authoritys Insurance Repository System (IRS) at its headquarters in Hyderabad. The IRS will digitize the life insurance policies of all subscribers of all life insurance companies in India. This facility will soon be extended to non-life insurance policies also. IRDA is the Indian governments regulatory agency for the insurance sector. All the existing policies can be converted to electronic form. And policyholders can opt for an e-insurance policy in electronic form instead of a physical policy. The idea of providing life insurance policies of all policyholders in demat form was originally suggested by the then president Abdul Kalam in September 2006. It has taken six years for the idea to take a concrete shape.
Other Features:
An e-Insurance account can be opened free of cost by policyholders. Only a single eInsurance account can be opened by a single personwhich means that a person cannot open multiple e-Insurance accounts. IRDA website states that all the services provided by insurance repositories are free of charge. This is a good initiative by IRDA for the benefit of all policyholders.
Reference: http://irda.gov.in/ --Disclaimer: The author is an investment analyst, equity investor and freelance writer. This write-up is for information purposes only and should not be taken as investment advice. Investors are advised to consult their financial advisor before taking any investment decisions. He blogs at:
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