New insurance policies will be issued only in electronic format from April 1: Complete details on e-insurance accounts
If you want to buy insurance after April 1, 2024, your insurer will issue the policy only in digital form in line with the Insurance Regulatory and Development Authority of India's protection of policyholders' interests rules. As per the new rules, it is mandatory for insurers to issue policies in dematerialized form and this will now be facilitated by four insurance repositories – CAMS Repository, Karvy, NSDL Database Management (NDML) and Central Insurance Repository of India.
E-insurance accounts involve issuing and maintaining policies in digital form. While most private insurers already open e-insurance accounts for policyholders, policyholders may choose to purchase and hold other policies electronically.
It is now mandatory for insurance companies to issue only digital policies from April 1. IRDAI's final rules state, “Irrespective of whether the proposal is received in electronic form or otherwise, every insurer shall issue the insurance policy only in electronic form.”
This option is still available and you can continue with the old policies in physical form. You can also insist on a physical copy while filling the proposal form to buy insurance.
E-insurance account can be opened while purchasing a new policy. You can also convert existing, physical insurance policies into electronic form.
Your e-insurance account will be opened free of cost.
