Soon demat insurance policies under one account

India Infoline News Service | Mumbai |

The demat facility will be available for life, health and car insurance policies and will maintain the same under one account

Insurance policyholders will soon be able to convert all their policies into dematerised or electronic form under one folio, irrespective of the insurance company and type of the policy, according to a media report.

The demat facility will be available for life, health and car insurance policies and will maintain the same under one account. However, no details about the exact time frame have been provided.

In case of demat insurance, there is no need for providing address and identity proof of the policyholder for every purchase and will bring in all the benefits of demat to the insurance business, including automatic reminders for premium, the report added.

Insurance Regulatory and Development Authority (IRDA) has issued licences to five promoters to set up insurance repositories National Securities Depository (NSDL), Central Securities Depository (CDSL), Stock Holding Corporation's SHCIL, Karvy Group and CAMS, the report further said.

These five firms have their systems in place, which are being tested with a small number of policies. The official launch is expected to take place in September.
 

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