How many times have we heard of insurance policies getting lost, stolen or simply the legal heir is not aware of the policy. What this means is also the good intentions of the policy holder to leave some money for his near and dear ones is defeated. It is therefore very useful to maintain life insurance policies in the electronic form. Here are 9 reasons to do so.
Worries of theft
Physical insurance certificates can easily be stolen. It is an extremely difficult procedure to get a duplicate insurance certificate as you have to even make a police complaint.
If you keep your insurance in electronic form with an insurance repository nobody can rob the same.
Loss or misplaced
You do not have to worry of insurance certificates getting worn out, damaged or misplaced. Insurance certificates in the electronic form are extremely safe.
Free of cost
You can check with the insurance repositories like Karvy, CSDL, CAMs etc. The service is free of cost.
Very easy process
All you have to do is select the option of demat format, when opening a new insurance policy.
The documentation and other procedures will remain the same, which are like applying for physical certificates.
Can store multiple policies
Another advantage is that you can store multiple policies. This will enable you remember them very easily and without any worry. You have access to all policies at one go.
You can appoint a caretaker for your policies
You can appoint a caretaker for your policies. So, if you die, the caretaker can inform the nominee and he can claim the insurance money. How many times have we heard that an insurance policy has no claimant.
What a waste!
You are reminded if a policy matures
It helps to check and remember when the policies are expiring. This makes it very convenient and easy.
You can check policy on all devices
You can check all your policies on the laptop, desktop and all mobile devices that run on any platform.
You can opt for any of the 4 repositories
Your insurance policies would be stored by any of the 4 repositories in the country including CAMS, Karvy, NIR or Central Depositories.
You can approach your life insurance company or any of the names mentioned above.