phone image +91 22 68948500, 68948500

Comfort Securities Limited

Comfort Securities Limited

Open an A/C Open an A/C
Apply Now Online IPO

 

Detailed News

Insurance regulator IRDAI mandates issuance of policies in digital form from April 1
01-Apr-24   09:42 Hrs IST

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for insurers to issue new policies digitally. From April 1, 2024, it is now mandatory for insurance companies to offer only digital policies to comply with Insurance Regulatory and Development Authority of India (IRDAI) regulations to protect the interests of policyholders.

If you decide to buy insurance after April 1, your insurer will issue the policy only in digital form. This is in line with the Insurance Regulatory and Development Authority of India's Protection of Policyholders' Interests regulations that make it mandatory for insurance companies to issue policies in dematerialised form.

As per the new rules, the e-insurance accounts opening will now be facilitated by four insurance repositories: the CAMS Repository, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.

the Insurance Regulatory and Development Authority of India (IRDAI) In a circular dated March 20, 2024, titled "Protection of Policyholders' Interests, Operations, and Allied Matters of Insurers Regulations, 2024" said, "Every insurer shall have in place a Board-approved policy for insurance policies issued in electronic form."

The regulator, insurers and other stakeholders say e-insurance will help policyholders and the entire insurance ecosystem.

"Irrespective of whether the proposal is received in electronic form or otherwise, every insurer shall issue insurance policies only in the electronic form," IRDAI's final regulations said.

What is an e-Insurance:

As the name suggests, e-insurance simply means buying insurance policies in a digital format. Electronic insurance policies will be held in a demat account termed an e-Insurance Account, or eIA. One can manage all the insurance policies - life, health, and general - through an e-Insurance Account.

Like dematerialised or paperless shares, the e-insurance account framework involves issuing and holding policies in digital form. It belongs to policyholders who can choose to buy and hold other policies in electronic form. However, do note that unlike multiple share demat accounts that one is allowed to maintain, there can be only one e-insurance account per policyholder.
  • OUR group Companies
  • Go
  • IMPORTANT LINKS
  • Go
  • QUICK LINKS
  • Go
SEBI Single Regn. No. : BSE / NSE / MSMI - INZ000192537  |   CDSL Reg. No :  IN-DP-CDSL-438-2008                                                                                                                           Filing complaint on SEBI SCORES
Copyright © 2016 All rights reserved Comfort Securities Ltd.
Designed, Developed and content powered by CMOTS Infotech(ISO 9001:2015 certified)
Attention Investors ::
"No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No worries for refund as the money remains in investors account.   |    Kyc is one time exercise while dealing in securities markets:- Once KYC is done through a SEBI Registered Intermediary(Broker DP Mutual Fund etc.) you need not undergo the same process again when you approach another Intermediary.” “ Prevent Unauthorized Transaction in your Trading/Demat account. Update your Mobile Numbers/Email IDs with your Stock Broker/Depository Participant. Receive alerts/information of your transaction/all debit and other important transactions in your Trading/Demat account Directly from Exchange/CDSL at the end of the day. Issued in the Interest of Investors. 
1. Stock Brokers can accept securities as margin from clients only by way of pledge in the depository system w.e.f. September 01, 2020. 2. Update your email id and mobile number with your stock broker / depository participant and receive OTP directly from depository on your email id and/or mobile number to create pledge. 3. Check your securities / MF / bonds in the consolidated account statement issued by NSDL/CDSL every month. .......... Issued in the interest of Investors