Why you should convert insurance certificates to electronic form | Fusion - WeRIndia

The new decision made by the Insurance Regulatory & Development Authority (IRDA) is to let insurance holders hold their certificates in the electronic form. The introduction of the Insurance Repository System is the first of its kind in the world. It has the feature of an electronic Insurance Account. Here is why it is a good idea to make use of it.

Easy access to all your holdings at one go

With just one click you will be able to access all your holdings including group insurance, health insurance, life insurance, home insurance and every other type of insurance.

Safety

The electronic format of the certificates protects you from theft, forgery, loss or misplacement, etc. This also means you don’t need a locker and place them in a bank.

No communication

If you have insurance in electronic form, it would eliminate the need communicate with various insurers regarding updates or services.

Better comfort

Since everything can be controlled with just button clicks, handling it becomes easy. You can easily monitor updates on premium payment date, dividend/money back dates, policy expiry date etc.

Free of charge

By making them electronic, you need not worry about holding charges like for a bank locker.

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