The Insurance Regulatory & Development Authority (IRDA) has been at the heart of taking several decisions in the interest of consumers. One such decision is to facilitate insurance holders to hold their certificates in the electronic form or demat form. The introduction of the Insurance Repository System is the first of its kind in the world and involves an electronic Insurance Account (e IA). Here are 6 benefits of holding your insurance certificates in demat or electronic form.
Easy to view your holdings at one go
You can view your holdings by the click of a mouse including group insurance, health insurance, life insurance, home insurance and every other type of insurance.
Holding insurance certificates in the electronic form means you are protected from theft, forgery, loss, misplacement etc. No locker and rental charges as well, if you want to place them in a bank locker.
Free of charge
The cost of holding the certificates in electronic form comes at zero cost.
Ease in communication
Holding insurance in electronic form completely eliminates the need to communicate with various insurers for updates/service requests.
Makes liife a lot easier
At a click of a button, your account can be viewed to monitor for regular updates on premium payment date, dividend/money back dates, policy expiry date etc.