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Demat Insurance

Demat Insurance


Like shareholders, policyholders now have the option of holding their life insurance policies in the virtual form
Insurers and repositories will soon be promoting e-insurance accounts to you as the insurance regulator is keen to switch to this new tool.

To start with, only life insurance policies can be held as an e-insurance account. You can buy a new policy directly through the e-insurance route or convert an old policy into this form. Remember, it's not the same as buying an online policy. "Buying a policy online is like buying a television from an e-tailer. The policy is issued in the physical form and only that version is a valid document," says S.V. Ramanan, CEO, CAMS Insurance Repository.

SAFE-KEEPING MADE EASY

An e-insurance account will put to rest your worries about misplacing your policies, losing or damaging them. "At the time of claim settlement or at maturity, the original policy document is required. In case it is misplaced, the customer has to go through the hassle of paperwork to get the duplicate policy document," says Shiva Kumar N, Deputy Director, Operations, PNB MetLife. You can also appoint a trusted acquaintance or relative--an authorised representative (AR)--to keep track of the policy. This individual need not be the nominee.

All your policy-related information will be available at the click of a button, ensuring smooth transactions.Moreover, one account will hold all your policies, facilitating ease of operation. "All details will be available in a single account. They can be accessed at any time by logging on to the portal of the repository . Premium for all policies can be paid online and service requests or complaints can be logged in too," says Ramanan.

Neither the insurance company nor the repository will charge any fees for opening an e-account or converting existing policies into digital form.The cost will be borne by the insurer.

To buy a new policy, you will not need to go through the KYC process all over again once you have an e-insurance account. Making changes to your details will be simpler. One request to the repository for effecting the changes will be replicated across other policies you hold.

THE FLIPSIDE

You will still have to visit your insurer's branch or its website to find out the net asset value of your Ulip holdings. You will not be able to switch funds or surrender the policies through the portal either. Those not tech-savvy may find also it difficult to operate the account.

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