What it is
An insurance repository is a system that holds insurance policies in electronic form, so you do not have to keep paper copies. An e-insurance account is the place where your policies are kept in that form.
The insurance regulator, IRDAI (Insurance Regulatory and Development Authority of India), says it has issued guidelines on insurance repositories and on issuing policies electronically. Its policyholder website describes the aim as moving financial records away from paper.
How it works
The idea is similar to keeping your records in one electronic place instead of in files at home. IRDAI lists these benefits of holding policies electronically:
- Your policies and the details inside them are simple to keep and to pull up when needed.
- Changes or revisions to a policy can be made quickly and accurately.
- The process becomes more efficient and more transparent.
- Issuing and maintaining policies costs less.
The regulator points readers to a handbook for further details and to a list of insurance repositories. Both are linked from its Insurance Repository System page on policyholder.gov.in.
The sources do not set out the steps to open an account, any fees or the eligibility rules, so check the handbook and the list of repositories for those details.
Why it is in the news
This is a long-running initiative rather than a new announcement. The Finance Minister launched the Insurance Repository System, started by IRDA (the regulator’s earlier name), on 16 September 2013. IRDAI’s policyholder pages continue to describe e-insurance as the way policies are held electronically.
What it means for you
If you hold several policies, an electronic account can mean fewer documents to track and a single place to retrieve policy details. IRDAI also says changes to a policy can be made faster and more accurately.
Before using any repository, read the IRDAI handbook and look at the official list of repositories. Compare what each one offers and charges, and keep in mind that the regulator’s pages do not cover those points.
