Monday, December 9, 2013

Reliance Life ties up with all five insurance repositories

Reliance Life Insurance Company (RLIC), a part of Reliance Capital of the Reliance Anil Dhirubhai Ambani Group, on Wednesday announced its tie up with all five designated insurance repositories to provide life insurance policies in electronic form across all its products. It would enable and encourage Reliance Life policy holders to keep their policies in Demat form. Keeping policies in electronic format will facilitate customers to buy and monitor multiple life insurance policies in a single Electronic-Insurance Account (e IA).

In September this year, 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.

The company statement said that it is one of the first few private insurers to offer this facility to its customers.

Reliance Life Insurance Company Limited had collected a total renewal premium of over Rs.4,015 crore for the fiscal year 2012-13. During the previous fiscal, the company has sold about 7.5 lac policies. And, as on previous fiscal, the company has an Assets Under Management (AUM) of more than Rs, 18,189 crore.

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