E-insurance, The Way Ahead for High Premium Insurance Policy

Digitized policies may soon become a reality for insurance policies if IRDA has its way. The insurance regulatory has circulated a draft amongst stakeholders, which makes it mandatory to issue policies with annual premium of over Rs 50,000 in an electronic form. However, insurance company will seek to policyholders' consent before issuing the electronic policy.

Read more
Get ₹1 Cr. Life Cover at just
Term Insurance plans
Online discount
upto 10%#
Guaranteed
Claim Support
Policybazaar is
Certified platinum Partner for
Insurer
Claim Settled
98.7%
99.4%
98.5%
99%
98.2%
98.6%
98.82%
96.9%
98.08%
99.2%

#All savings and online discounts are provided by insurers as per IRDAI approved insurance plans | Standard Terms and Conditions Apply

Get ₹1 Cr. Life Cover at just
+91
View plans
Please wait. We Are Processing..
Get Updates on WhatsApp
By clicking on "View plans" you agree to our Privacy Policy and Terms of use
We are rated
rating
58.9 million
Registered Consumers
51
Insurance
Partners
26.4 million
Policies
Sold

Although, policyholders will retain rights to ask for a physical copy of the policy, but at the time of policy issuance, insurers will have to specifically enquire whether they would like to exercise the option of receiving the policy in an electronic mode. Also, even if a policyholder insists on a physical policy, insurer will have to issue it in an electronic form as well.

Motor and health policies, where premium amount is more than Rs 10,000 will also come under the purview of this new law. Likewise, group life and health insurance policies, offered by companies employing over 50 employees, will have to be issued in the electronic mode.

IRDAI has authorized five entities- NSDL, Central Insurance Repository, CAMS Insurance Repository, Stock holding Corporation of India (SCHIL) and Karvy Insurance Repository — to dematerialize physical insurance policies.

Source: This news was published on April 21, 2015 in economictimes.indiatimes.com under the title: E-insurance may soon be a must for high-value life insurance policies

Different types of Plans


Life insurance articles

Recent Articles
Popular Articles
Life Insurance for Gig Economy

16 Mar 2023

A gig economy is a free marketplace in which temporary positions
Read more
Is Life Insurance Mandatory for a Home Loan?

16 Mar 2023

Due to the increase in housing costs, it is now nearly difficult
Read more
SBI Life Insurance 40000 per year Plan for 10 years

06 Mar 2023

A SBI Life Insurance 40000 per year Plan for 10 years is a life
Read more
SBI Life Insurance 50000 per year Plan for 10 years

06 Mar 2023

SBI Life Insurance company offers a comprehensive range of life
Read more
SBI Life Insurance 7-year Plan Maturity Calculator

28 Feb 2023

An SBI life insurance can not only help you create a corpus in
Read more
How to Check LIC Policy Status, Details, Statement via Online/SMS/Call
Last year, Mr. Rajiv Verma bought a Child LIC policy to provide financial security for his kid's future. However
Read more
How to Cancel SBI Life Insurance Policy?
As per the Insurance Regulatory and Development Authority, you can cancel a life insurance policy taken within 15
Read more
SBI Life Insurance 50,000 per year Plan for 5 Years
Life insurance is not only about the financial protection of the family but also about working for life’s
Read more
Life Insurance Claim Settlement Ratio
Claim settlement ratio is one of the important parameters that one should consider while deciding on the insurer
Read more
PLI Santosh Maturity Calculator
Maturity calculators have proven to be one of the simple tools for digital-savvy insurance buyers. Postal Life
Read more

top
View Plans
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL