Reliance Life Rolls out Policies in Demat Form

Week after the Union Finance Minister, Sri P Chidambaram inaugurated IRDA's Insurance Repository System (IRS), one of country’s leading insurer Reliance Life Insurance Company has announced the launch of life insurance policies in electronic demat form across all its products. The IRS will facilitate policyholders to keep their policies in electronic demat form with an insurance repository, like shares and bonds.

Policies in electronic form can be tracked easily as the details are available at one place. Unlike traditional physical policies, policyholders won’t require to visit different offices anymore. Updating details like change of address or nomination will now become easier, faster and reliable.

In a press release, Sri Anup Rau, CEO of Reliance Life Insurance, said, “The electronic insurance account will eliminate repetitive KYC requirements and provide one view of policies, premium paid, claim history, nominee details, and bring in all the benefits of demat to the life insurance business, including automatic reminders for premium.”

This green initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account, he added.

Earlier this month, the regulator gave five companies - CAMS Repository Services Limited, Central Insurance Repository Limited, SHCIL Projects Limited, NSDL Database Management Limited and Karvy Insurance Repository Limited, the status of insurance repositories and provided them with a licence that will be valid till July 31, 2014. The regulator also said that insurance companies can enter into agreements with one or more repositories.

Source: http://www.insuringindia.com/