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…