National Insurance policy Repository (NIR) by NSDL

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.

Brief Details:

• 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

Ease:

• 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.

Claims:

•              Single view of all policies to an authorised person in case of death.

 

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Tags: 2012, e-Insurance Account (eIA), NSDL

Category: Blog, General Insurance, Life Insurance, Uncategorized