Insurance Repository offers a facility to digitize all your insurance policies and
store them in a secure and online location.
You can access these policies any time from your computer, mobile and tablet and
track the policy details, renewal payments and initiate service requests.
Good question. Although many of these services are available with respective insurers,
you still need to approach individual insurance companies for specific requests.
Insurance Repository is a place where you can aggregate all these policies and get
a single click view and single click service.
Insurance companies are not authorized to convert the physical policies in to
a true digital policy. IRDA has authorized only insurance repositories
to do the same.
Therefore, even if you have bought an online policy from an insurer, you still need
to insist on the physical copy of the policy and preserve the same for its lifetime.
So, the safety of your policy is still your responsibility.
With the insurance repository, you no longer need to worry about the safety
of your policy.
When you wish to buy a new policy, your insurer will insist on the KYC and does
not accept your existing policy details as a proof of KYC.
With the insurance repository, your KYC is done once. When you opt for e-Insurance,
one unique e-Insurance Account number is issued to you. This E-Insurance account
is like a passport / super customer Id across all insurance companies and it is
valid for all insurance products under the ambit of IRDA.
It is FREE.
No. You still need not pay anything. Neither for your policy conversions nor for
your ongoing transactions.
No. It is a lifetime FREE account (in fact beyond life time also).
It is neither like your credit card nor like any other similar account. It comes
without any riders, fine prints and hidden charges.
Since insurance companies save substantial amount by digitizing the policies, they
pay insurance repositories on your behalf. So, it is your right to claim for what
you have already paid!
Well, you are not exercising your right and you are not claiming what is due for
you. You will also be missing out on several benefits that IR offers and lose the
convenience of transacting from your device. When IRDA makes this mandatory, you
might become part of the mad rush.
Yes. Once you open your e-Insurance Account, you can quote the same number and you
will not be asked to submit any KYC proofs for your new policies.
To convert all your existing policies anytime, you can simply quote their policy
number and e-Insurance Account number. You are not required to submit the physical
policy document also.
Before converting the first policy, you need to open the e-Insurance Account. Thereafter,
you simply need to quote your policy number to convert the new / existing policies.
You can avail the unified view of all policies, get single window service for all
transactions and get renewal reminders / other important notifications. These services
are available across all devices and platforms.
In addition to this, you can appoint a caretaker (Called as Authorized representative).
This caretaker can be different from the nominee / beneficiary of the policy to
avoid any conflict of interest.
Repositories will be of immense help during the claim/post claim stages because
the only objective of the insurance repository is to protect the interest of the
policyholder and the beneficiaries.
You can avail all transactions applicable for insurance throughout the life
cycle of the policy without visiting the branch of any insurance company.
Currently, this is applicable only for individual life insurance policies. However,
by the end of this financial year, we can expect to get the coverage for all policies
Yes. This is applicable across all life insurance companies. To drive the awareness,
IRDA has launched a pilot phase on 1st July for 2 months.
During the pilot period, policyholders can insist on mandatory conversion of all
life insurance policies, which any life insurer should oblige. This is applicable
for both new and existing policies. Soon after the pilot period, IRDA is expected
to release the guidelines to make the conversion of both life, general and health
policies. This rollout will be in a phased manner over 3 to 6 months period.
Since inception repositories have created about a lakh policies on a trial basis.
As with any other transformational change, several change management issues need
to be addressed before every one accepts the concept. Insurance repositories are
in the process of explaining the benefits of repository to various stakeholders
and clarifying their initial apprehensions. The regulator has truly played the developmental
role in this aspect and provided clarifications / solutions for all queries of insurers.
The regulatory authority felt that a pilot project will provide a chance for the
insurers to experience the benefits of the repository and also gives an opportunity
for the repositories to find solutions to various practical implementation challenges.
To create a congenial atmosphere for the change, the regulator rightfully took an
evangelist approach instead of a bulldozer method. This is really helping the cause
now and more and more insurers are coming forward to embrace the change.
More than a 1,50,000 trees are cut every year to send the insurance policy holder
communication. You can now make a difference by digitizing your insurance policies.
Call Us: +91 7702000400/500
Mail Us: eVault@karvy.com
Text Us: SMS KINREP to 92255 92255
Visit the sites: www.kinrep.com,