In a bid to offer electronic holding of iinsurance policies in a demat form, private sector life insurance player Reliance Life Insurance Company (RLIC) partnered with all the 5 insurance repositories. The tie-up with insurance repositories (IR) including Central Insurance Repository Limited, CAMS Repository Services Limited, Database Management Limited, Karvy Insurance Limited and SHCIL Projects Limited has been fostered to encourage insured people to maintain their policies in dematerialized format.
The move is likely to simplify the documentation as well as monitoring process for policyholder as they will now be able to maintain as well as track different insurance policies from one demat account. Confirming the benefit to the policyholders, Anup Rau-CEO of Reliance Life Insurance was quoted in the PTI report stating "This green initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account".
Further he added " "Dematerialisation of policies will bring greater transparency and convenience to customers and it will also help reduce cost in issuing and maintaining life insurance policies. More importantly, it will also ease the problem of customer-contactability, which is a huge challenge faced by the industry".
As per IRDA guidelines, players in the insurance industry can ink agreements with one or more insurance repository (IR).
GoodReturns.in with Input from PTI