National Insurance Repository (NIR)
With the launch of National Insurance � Policy Repository (NIR) services by Insurance Regulatory & Development Authority (IRDA), policyholders can now enjoy the comfort of storing all insurance policies electronically under a single electronic insurance account or e-insurance account (eIA) without any cost. The insurance companies are also likely to minimize their costs through this initiative which will also provide convenience to policy holders, thus helping in improving the insurance penetration in the country.
Key Features of the service :
- Provision for policyholders to record their policies electronically.
- To keep track of the policies in a structured manner through an e-insurance account which is free of cost.
- Single point of service for updating & managing details making it easier, faster & more reliable.
- Eliminates the drawbacks of holding the insurance policies in physical form, thus no risk of loss or damage.
- An e-insurance account holder will be spared the trouble of submitting KYC details each time a new policy is taken.
- It will also facilitate conversion of the existing paper policies into electronic policies at the request of the policy holders.
- Initially, life insurance policies & pension plans are being allowed to be held in e-insurance accounts. The facility will eventually be extended to health, car, home & other forms of general insurance.