National Securities Depository Ltd., commonly known as NSDL is shortly going to launch a new product – “National Insurance policy Repository (NIR)” under which all types of Insurance Policies will be kept. A brief detail for the product is given hereunder.
- 1. NIR will facilitate holding of all type of insurance policies in electronic form in a single e-Insurance Account (eIA).
- 2. It will do away with all the lacunae of holding the insurance policies in physical form.
- 3. The KYC done while opening an eIA will eliminate the need of repeated KYC of the same policyholder every time an insurance policy is purchased.
- 4. eIA also acts as a single point of contact for the account holder to update demographic details with all the insurance companies with whom insurance policies are held.
- 5. It will also facilitate conversion of the existing paper policies into electronic policies at the request of the policy holders.
- 6. Once the account is opened, the eIA holder will get the credit of insurance policies from insurance companies in eIA instead of physical policy documents.
Benefits to an eIA Holder:
- a) eIA Servicing
- b) Single request for contact details Updation
- c) Premium alerts & payment for all insurers
- d) Increased number of service touch points
- 1. One time Know Your Customer Updation
- 2. Storage of policy in electronic format
- 3. All insurance policies under one umbrella
- 4. Consolidated insurance statement.
- Single view of all policies to an authorised person in case of death.
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