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HOW many times have you thought about your insurance policies and worried about the safety of the documents? There are a lot of times when keeping this investment safe and secure becomes a problem for individuals. While all the other routes of investment now have the demat facility, this has not yet been witnessed in the insurance space.
But, this need not be the case for a long because the good news is that a demat account for your insurance policies could soon become a reality.
Efforts undertaken: There are reports that the Insurance Regulatory and Development Authority (Irda) is working on putting a system in place that will enable holding of insurance policies in demat or electronic form. The way in which the system proposes to work is that it will be introduced initially for life insurance policies.
These policies are usually similar in nature, even though different insurance companies offer them, and, hence, the facility would make the life insurance segment simpler. The facility for general insurance policies will be introduced at a later date, and, so, if the system works well, then it can be extended to the other areas of insurance also.
Ease of effort: There will be an ease of effort for getting an insurance policy once this system is put in place. At present, there is some work involved at the time of purchase of every insurance policy.
A prospective customer has to provide proof of identity and proof of address and these details will be verified. With an electronic account, all these details will be available with the account, and, hence, there would not be a requirement to submit these information every time a policy is bought. The advantage of this is that the process can be completed smoothly, without requiring a lot of documents, as is the situation now.
On the other hand, there will also be a quicker and easier way to get a new policy because a lot of the work will already be completed, so, the selection and the payment of premium would be the only things left to do.
No preservation worries: Another major concern for a lot of people is the preservation of the insurance policy and the submission of this at the time of filing a claim. Storing the policy in a safe place is a major task due to the fact that these policies are often for 20-25 years and keeping the physical documents for this time period often leads to some problems, especially, if there is flooding or some natural calamity in the interim period.
Often, these documents are misplaced and this leads to another round of work on getting another duplicate set. All this would no longer be necessary because the electronic version does not pose these challenges.
Similar structure helps: Life insurance policies in India are not yet tailormade for specific individuals in the sense that these have features that are largely common, therefore, the policyholders will then be subject to the terms and conditions of the policy. Since these policies are so similar, it is also possible for these to be in the electronic form and be used in a proper manner.
On the other hand, it also lays the ground for further action in terms of additional ways by which the complexity of the policies can be raised and this will be easily assimilated into the entire system that has been set.
All this would work out very efficiently going forward, so, policyholders will benefit from the many variations in the policies without major disruptions to the system.
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Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.
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Tax Saving Mutual Funds Online
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These Application Forms can be used for buying regular mutual funds also
Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds )
- HDFC TaxSaver
- ICICI Prudential Tax Plan
- DSP BlackRock Tax Saver Fund
- Birla Sun Life Tax Relief '96
- Reliance Tax Saver (ELSS) Fund
- IDFC Tax Advantage (ELSS) Fund
- SBI Magnum Tax Gain Scheme 1993
- Sundaram Tax Saver
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