Rules Change 1 April: Policy holders will benefit greatly from the new system. The policy holder is afraid of paper documents getting lost or torn, but now this risk will not be there.
The Insurance Regulatory and Development Authority of India (IRDA) has taken a big step to make insurance policies more secure. Under this, from April 1, all types of insurance policies will be issued in electronic format.
For this, e-insurance account (EIA) will be available, in which all the insurance policies can be kept in digital format. Through this, the consumer will be freed from keeping the insurance policy as a paper document.
IRDAI has recently introduced “Protection of Policyholders Interest” Regulation-2024. This regulation mandates the conversion of all insurance policies into electronic format. Under this, it is now mandatory for all policies to be issued in electronic form, irrespective of the mode of application. Most life insurance companies and non-life insurers have accepted the electronic insurance account system.
E-insurance account will be opened
Under this initiative the customer will have an e-insurance account. This account will be encrypted i.e. only the insured will be able to use it. No third party will have access to it. The customer will have to link all his insurance policies to this e-account. After linking, policyholders will be able to easily track their policy details and renewal date. Apart from this, there will also be protection from any kind of online fraud.
The risk of losing the policy will be eliminated
Experts say that this new system will greatly benefit the policy holders. This initiative not only provides convenience but also significantly enhances the security and management of policyholder portfolios. The policy holder is afraid of paper documents getting lost or torn, but now this risk will not be there.
These will be the benefits
1. Will be able to view and download all insurance policies at one place
2. Digital format of paper documents will reduce the risk of loss
3. Will be able to update all insurance policies simultaneously in e-insurance account
4. Will be able to easily track policy details and renewal dates
LIC offices will remain open on Saturday and Sunday also, know the reason
