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IRDAI has asked all insurance companies to maintain and store the data pertaining to policies and claims in an electronic format so as to facilitate easy retrieval and compliance with various regulations, as quoted in The Economic Times.
"Every insurer shall maintain a record of every policy issued and a record of every claim made...in electronic form irrespective of maintenance in any other form,” IRDAI said in a notification.
#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply
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According to the regulator, the system of maintenance in electronic format should have all necessary security features. Also, the records, including those held in electronic form and pertaining to all the policies issued and all claims made, shall be stored and maintained in data centers within India only.
Furthermore, IRDAI added, "Every insurer should ensure that the records held are organized in such a manner as may be required for business use and easy retrieval so as to support the policyholder service and compliance with the various laws, regulations, circulars, guidelines, and such other regulatory framework as applicable from time to time. Every insurer should, within 90 days, from the date of notification of these regulations, file with the Authority, their board approved policy on maintenance and storage of such records.”
With regard to the storage and safety of records in the electronic form, IRDAI has asked all insurers to maintain privacy and security of policyholders’ data, detecting virus, security of hardware and software, disaster recovery, and business continuity.
˜Top 5 plans based on annualized premium for bookings made on https://www.policybazaar.com in the first 6 months of FY 24-25.
Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
+Rs. 487/month (Rs.16/day) is starting price for a 1 crore term life insurance for an 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
Prices offered by the insurer are as per the approved insurance plans | #All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply | **Tax Benefits are subject to changes in tax laws.| Policybazaar Insurance Brokers Private Limited
We will respond in the first instance within 30 minutes of the customers contacting us. 30-minute claim support service is for the purpose of giving reasonable assistance to the policyholder in pursuance of the claim. Settlement of claim (including cashless claim) is the responsibility of the insurer as per policy terms and conditions. The 30-minute claim support is subject to our operations not being impacted by a system failure or force majeure event or for reasons beyond our control. For further details, 24x7 Claims Support Helpline can be reached out at 1800-258-5881
For more details on risk factors, terms and conditions, please read the sales brochure carefully before concluding a sale
Policybazaar Insurance Brokers Private Limited | CIN: U74999HR2014PTC053454 | Registered Office - Plot No.119, Sector - 44, Gurgaon, Haryana – 122001 | Registration No. 742, Valid till 09/06/2027, License category- Composite Broker Visitors are hereby informed that their information submitted on the website may be shared with insurers. Product information is authentic and solely based on the information received from the insurers.
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+Rs. 820/month is starting price for a 2 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
+Rs. 1,443/month is starting price for a 5 crore term life insurance for an (NRI) 18 year-old male, non-smoker, with no pre-existing diseases, cover upto 38 years of age.
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