You have been enjoying the benefits of Demat account and would have experienced the ease and convenience that Demat form of holding Securities have brought to dealings in Securities Market. Now it’s time to hold Insurance Policies in electronic form and experience the same ease and convenience.
NSDL Database Management Limited (NDML) has been authorized by Insurance Regulatory and Development Authority (IRDA) to act as an Insurance Repository. You can now hold your insurance policies in electronic form with NSDL group, the way you hold your securities in Demat Account. The initiative is been named as “National Insurance-policy Repository” (NIR).
NIR facilitates a proposer to hold insurance policies in electronic form in a single e-Insurance Account (eIA) and offers easy online access to these insurance policies. For this, you will have to open an eIA and the insurance policies will be credited by the Insurance Company into this eIA. You can seek credit of existing as well as new insurance policies in eIA.
And it costs you nothing to open eIA and hold insurance policies in electronic form.
NIR Facilitates:
- Holding of all insurance policies in a single e-Insurance Account (eIA),
- Doing away the hassles associated with holding the insurance policies in physical form,
- One time Know Your Customer (KYC) for opening the e-Insurance account,
- A single point of contact for the account holder to update demographic details with insurance companies,
- Conversion of the existing paper policies into electronic policies at the request of the policy holder.
Benefits:
- No charges for eIA opening and eIA maintenance to the eIA holder,
- Eliminates multiple KYC,
- All insurance policies under one umbrella,
- Single view for all policies,
- Portfolio tracking,
- Ease in Premium payments,
- Account Statement from NIR.
eIA can be opened by filling the eIA application form (attached) and submitting it to your nearest Approved Person – your DP/Broker may also be an Approved Person who will facilitate opening of eIA.
The details of the Approved Persons and the list of insurance companies, whose policies as on date can be converted into electronic form are available at https://nir.ndml.in. We are in the process of appointing more approved persons and many insurance companies are likely to join the Insurance Repository system in due course.
To experience the power of e-Insurance Account fill in the attached eIA application form and submit it to the nearest Approved Person. Visit https://nir.ndml.in for further information.
For any assistance please feel free to get in touch with NDML at [email protected] / 022 49142631.
Source- NSDL
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