Can I convert my LIC policies into Electronic Format as per Insurance Repository ?

POSTED BY Amit ON October 22, 2013 7:56 pm COMMENTS (4)

Dear Friends,

Yesterday, I read one article on Insurance Repository in local news paper. As per that article, you can not convert your insurance policies in electronics format and store it in your Demat account. Then I did some search on internet and found below link which is having more information on Insurance Repository.

http://articles.economictimes.indiatimes.com/2013-09-23/news/42324397_1_e-insurance-karvy-insurance-repository-central-insurance-repository

Then I visited website of one of the Insurance Repository in India (NSDL – National Insurance-policy Repository).

After going through the information & FAQ on their website, I feel that its really good initiative by Government. But still I haven’t found answers to following questions:

1. Can I convert my LIC policies into electronics format? (as LIC is not in the list of participating companies on NSDL)

2. Once my policies are converted into electronics format, do I have to contact Insurance Company at the time of maturity to get the payment or it will get credited to my account directly?

3. Will my converted policies will be listed in my Demat account same as shares?

Thanks in advance…

 

4 replies on this article “Can I convert my LIC policies into Electronic Format as per Insurance Repository ?”

  1. Amit says:

    True…

    For me or a common investor only benefit is finding all policies at common place on Internet…

  2. ashalanshu says:

    Dear Amit, yes it’s better to wait and watch. Actually there was no need of this repository thing but the controlling related issue between IRDA and SEBI (remember your existing Demat account is under control of SEBI) is the reason for this. Personally I’m against such duplication of things. This is not simplification of life for us, the common investor.

    Thanks

    Ashal

  3. Amit says:

    Thanks a lot…
    Ok… Then again I have to maintain one more Demat account. Only plus point is that all my Medical, Term Insurance, Car Insurance etc policies will be visible under one account no matter who is the provider…

    Yes, its too early to go in for this service, as not all insurance companies are agreed for this and there are 5 different service provider… so its wise to wait & watch…

  4. ashalanshu says:

    Dear Amit, you can not hold your policies under your current Demat account. For this you w’d have to open new repository account. Please wait for some more clarity on the same as it’s still in it’s initial stage.

    Thanks

    Ashal

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