Insurance Demat Account facilitates the policyholder to hold all types of insurance policies such as Life, General and Group Health in a single electronic insurance account. Yes, once you open the demat account you can hold your policies under one online account.
You can now hold your insurance policies in electronic form with NSDL group. The move has been named as "National Insurance-policy Repository" (NIR).
NIR assists for one who want to hold insurance policies in electronic form in a single e-Insurance Account (eIA). Click to know on how to open e-Insurance Account (eIA)?
Benefits of having Insurance Demat Account
1) There is no fees charged on opening and maintaining eIA
2) Having policies in demat form will be safe from physical damage to policy documents such as theft, fire, etc
3) One need not go for multiple KYC, once the address proof and identity proof submitted during the opening of insurance demat a/c. After that, you need not furnish these documents while buying new policy
4) One can the premium online, and track the details. Account can be accessed online anytime, anywhere. Also, transaction can be viewed anytime.
5) It is easy for the clients to update the changes in address, bank account details or nominee.
6) The data also contain names of beneficiaries, assignees and nominees and history of each and every claim made.
7)You can opt for one among the repositories - his 5 companies are NSDL, CIRL, SHCIL projects ltd., CAMS Repository Services Ltd. & Karvy Insurance Repository Ltd, as per IRDA guidlines.