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Insurance

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What are the benefits of holding Insurance Policies in electronic form?

There are multiple benefits in holding insurance policies in electronic form under a single eInsurance Account (e IA). These benefits include:

a. Safety: There is no risk of loss or damage of a policy as may happen with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed when needed.
b. Convenience: All insurance policies, be it life, pension, health or general, can be electronically held under a single e IA. This means all details of all policies are available in a single account (place). The details of any of the policies can be accessed at any time by logging on to the online portal of Insurance Repository. Premium for all the policies can be paid online and many service requests or complaints can be logged at this website.
c. Single Point of Service: All service requests in respect of e IA or any of the electronic policies held under the e IA can be submitted at any of the Insurance Repository service points there is no need to go to the offices of individual insurance companies for service.
d. Less Paper work: When you want to buy a new electronic insurance policy under an existing e IA, you dont need to go through KYC verification all over again, if there are no changes to your KYC details already recorded in your e IA. Further, if you want to make any changes to your personal details like address or contact no, it is enough to change the details in your e IA with the Insurance Repository by submitting a single request the Insurance Repository, in turn, will inform all the insurance companies with whom you hold electronic policies, about the changes.

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