Two insurance rules from April 1, 2024: Demat type e-Insurance Account must to buy new policies, latest surrender charges
insurance policyholders, starting from April 1, 2024. One is mandatory e-Insurance policies for new policyholders and the other is regarding the surrender charges of the life insurance plans such as endowment policies. Here's what policyholders need to know:
e-Insurance mandatory for new policyholders from April 1, 2024
It is mandatory to hold insurance policies in electronic format from April 1, 2024. It is very similar to how investors hold shares in a demat account. You have to buy electronic insurance policies which will be held in a demat account termed an e-Insurance Account, or eIA. All you need to do is open an e-Insurance Account from any of the four repositories – CAMS Insurance Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India.
It will reduce paperwork. «This development ensures the security of policyholder information and provides greater accessibility by eliminating the complex paperwork, hence streamlining processes for both insurers and customers,» says Shashank Chaphekar, Chief Distribution Officer, ManipalCigna Health Insurance.
Further, all your insurance policies — life, health, and general insurance policies — will be kept in one place. You can view, maintain, and update details of your policies through your e-Insurance Account. Opening an e-Insurance Account account is easy and free. The insurer will bear the cost of opening of an e-Insurance Account on your behalf. Do keep in mind that there will be one eIA for all your insurance policies.
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