Insurance Regulatory and Development Authority (IRDAI) made it mandatory for Digitization of insurance policies
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All insurance companies shall provide their policies including life, health and general insurance., in e-insurance form.
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This regulations will come into effect from the new financial year (April 1).
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Insurance policies are saved electronically in an online account called e-Insurance Account (EIA). With the help of this account, Policy holders can access the insurance plans online
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It is completely paperless and online. So documents can be re-downloaded even if they are lost.
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With e-insurance policies, there is no risk of document loss. Policy details and renewal dates can be easily tracked. Changing address or updating details in the policy is easy.
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Communication between insurance companies and policy holders will improve. It will make the claims process more convenient.
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