Third Party Car Insurance protects you, the policy holder, against any legal liability arising from an accident involving your vehicle and an arbitrary third party. This includes death/disability to third party and damage to third party property.
As the name suggests, a comprehensive policy offers overall protection against damages to your car including damages to car, theft, legal liability to third party etc. What all it covers can be extended by opting for add-ons like zero depreciation cover. Although it is more expensive than Third Party Car Insurance, Comprehensive Cover offers end-to-end coverage which means that you as a vehicle-owner will feel completely safe on the road.
In 21st Century India, owning a car has moved beyond being a status symbol to an everyday necessity. Being a car owner proves your financial independence, puts you in a refined league of your peers and wins you some much-needed brownie points with the family. But, the joys of owning a car could be short-lived if say, your vehicle meets with an unfortunate and untimely accident, is stolen, is lost in a raging flood, or worse - if it turns up to be the cause of an accident that costs the life or property of a complete stranger. These situations can be disastrous, costly and frustrating!
Enter, Car Insurance. This handy insurance policy covers you against the uncertainties that could befall your cherished vehicle and protects you against the probable financial losses. Car Insurance is usually very easy to purchase, to renew, and a number of reputed insurance companies and wealth managers count this as one of the premier products in their arsenal.
In India, the following types of car insurance policies are in vogue. These policies are categorized based on their overall applicability and are targeted at specific conditions that can impact your cherished vehicle. Broadly speaking, motor vehicle insurance are of two types-
Comprehensive Car Insurance : As the name specifies, Comprehensive Insuranceaccounts for a complete range of negatively impactful things that could happen to your vehicle. This includes robust protection from damage/complete loss of car, injury/death that occurs to self, injury/death endured by fellow passengers and/or contracted driver and protection against third party liabilities. Almost all commonly occurring factors are accounted for, including fire, flood, theft, riots, terrorist activities, accidents, etc.
Third Party Insurance : In essence, Third Party Car Insurancedoesn’t provide any coverage for the damage/complete loss endured by your vehicle, or the unfortunate injury/death that befalls the insurance holder. This specialised insurance policy serves as financial protection when your vehicle is involved in/is the originator of an unfortunate accident that results in the destruction of third party property and/or involves injury/death of a third party individual. In such cases, the affected party is likely to push you for damages/compensation and the same will be serviced by the applicable third party liability insurance. Thankfully, Indian laws make it mandatory that every car be insured with a basic third party insurance component.
Want another reason to love the internet? How about the absolute ease and speed of comparing online a whole bunch of viable car insurance options?
The best car insurance policies are out there and the World Wide Web offers you the personal, safe and time bound medium to explore them all.
The internet is awash with third party websites that help you compare between the various car insurance policies available to you, from insurers both big and small.
This definitely beats spending oodles of time, manually comparing between the various options- all the commuting, enquiring and double checking, is history!
Humanity is an evolving species, right? The tested fundamentals of old are being slowly, but surely, replaced by modern day options that piggyback on the limitless possibilities offered by the internet.
Comparing car insurance online between the various supposed ‘best’ car insurance policies is just one of the many advantages offered by the modern era of technology and the digital revolution.
Why not indulge in them and gather the most updated, correct and easily retrievable information out there?
If you are a vehicle owner, car insurance is definitely a very thoughtful (and compulsory) investment. And, if you are looking out for an all-encompassing car insurance
policy, find the one that perfectly matches upto your requirements and limitations, online.
The average car insurance policy covers the loss or damage endured by your vehicle due to the following reasons,
As part of the overall car insurance, most insurers provide personal accident cover in the event of your unfortunate accident while driving. This accident cover can also be extended to passengers, whose number must usually equal the maximum permissible occupancy in the vehicle, as stipulated by the vehicle manufacturer.
The policy also provides for scenarios wherein your vehicle might have been the cause of/ been part of an accident that resulted in the injury, disability or death of an individual (not directly related to you) or caused damages to a third-party property.
Most policies also include provisions to add additional protection for the various secondary components of the vehicle, including electrical/non-electrical accessories, fog lights, stereo system, mats and seat cover etc. Implementation of bi-fuel injection systems, such as for CNG or LPG, can also be covered.
The following add-on covers are optionally available, and offer features that might not be entirely covered in the original, comprehensive car insurance policy. These optional car insurance add-on covers offer additional teeth, to your already loaded vehicle insurance policy.
The Car Insurance Add On Covers mentioned above are just the tip of an iceberg. Insurers, in their own capacity, offer many more add-on covers that add additional value to the existing comprehensive car insurance policy.
“Based on IRDA Annual Report 2014-15 on Business Revenue of Insurers”
If you scan across a multitude of popular media, the ICICI Lombard car insurance review will be found to be very encouraging and superior as compared to its immediate competition. A robust, customer oriented and hassle free insurance plan, the ICICI Lombard Car Insurance is designed for the busy, on-the-move Indian. Packed with such features as immediate online policy issue, on-road assistance at anytime and anywhere, over 3100+ network garages and a series of thoughtful riders including ‘Zero Depreciation Cover’ and ‘Accidental Cover for Co-Passengers’, this policy works hard to qualify as the ideal car insurance option for you. No wonder, the company is an absolute trendsetter when it comes to car insurance.
The car insurance packages from Bajaj Allianz are a very popular option with the everyday Indians who are proud owners of their very own set of wheels. Feature rich, customer centric, transparent with easy documentation, Bajaj Allianz Car Insurance comes with such irresistible features as cashless claims at over 1500 garages across India, competent 24x7 customer service, easy claims assistance and the option to purchase and renew the policy online. The handy Bajaj Allianz car insurance calculator available on our website, helps you pinpoint the exact dynamics of your investment and stay on top of things. The Bajaj Allianz Car Insurance is a solid loan option that has enjoyed immense popularity and support from the point of its inception.
The car insurance package from Reliance, one of India’s iconic conglomerates, is tuned to be highly customer oriented, hassle free and reliable. The list of features and benefits are many, including, limited documentation, cashless facility at 2100+ member garages across India, easy and hassle free claim settlement as well as comprehensive on and off the road insurance that is in line with international standards and configured to take minimum time, minimum efforts and impart maximum feedback and consequently, peace of mind. Reliance Car Insurance has managed to build a staunch following in India, comprising mainly of the busy, always mobile, quality conscious and technology driven Indians.
With such unique features as free car pick up in the event of an emergency, direct and hassle free settlement within 7 days, no claim bonus protection and coverage for non-core accessories like glass and plastic parts, Tata AIG was bound to be a key player in the car insurance segment- and the Tata AIG Car Insurance review from a plethora of satisfied customers amply proves this. The company is a collaboration between two business behemoths, the Tata Group and the American International Group, Inc. (AIG), thereby assuring that professionalism, domain expertise and quality are part of the deal when you purchase car insurance from Tata AIG. If you seek a robust, scalable and reliable insurance option for your cherished set of wheels, then Tata AIG Car Insurance is one of the best in the industry.
The age old adage of ‘with experience comes perfection’ sits well with the Royal Sundaram Insurance Company. Licensed since 2001, the Royal Sundaram Car Insurance is a feature rich package that pales its competition in terms of the sheer customer centric options offered. 1800+ cashless garage network across India, 24x7 claims assistance, unlimited claims for zero-depreciation cover and free roadside assistance in the case of emergency makes the car insurance policy from Royal Sundaram a definite advantage. Enjoy peace of mind, cut loose and stretch your car’s running legs with a policy that is designed to have you covered at all times. Burn some rubber without worrying about a flat tyre, a breakdown or accident, Royal Sundaram’s assistance is with you anywhere and everywhere.
A car insurance policy that’s designed to protect your car, and importantly its passengers and you; Bharti AXA Car Insurance is a clear crowd favourite. Based on a multitude of customer feedback, the car insurance can be pegged as being exceptional, extremely car owner friendly and with a short turnaround time in terms of claim settlements. The essential features of this car insurance policy includes cashless servicing at 2000+ network garages across India, easy 24x7 claim assistance that is backed by a hassle free claims settlement process, and a string of helpful add-on covers. As one of the most popular general insurance companies, Bharti AXA has established its credibility on the back of quality driven processes and adoption of their cherished customers’ concerns as the guiding light that prompts the introduction of newer insurance products. No wonder, when it comes to Bharti AXA car insurance review, there are cheers everywhere!
What happens when an Indian banking giant meets a world-beating general insurance pioneer? You get HDFC ERGO General Insurance and its premier product, the HDFC ERGO Car Insurance an insurance policy that is close to the popular public expectations, this car insurance comes loaded with lots of customer centric features and benefits. The list includes cashless claims service at 1600+ member garages across India, a dedicated and expert customer support team that’s always at your beck and call, easy and hassle free claims process and instant online policy issuance and renewals. HDFC ERGO has established itself as a premier car insurance product amongst the discerning Indian public.
Know More About Top Car Insurance Companies in 2016
In principle, the act of purchasing your car insurance online saves time, effort and the expenditure of money and patience, to varying degrees. Elaborating, the perks of latching onto a online car insurance policy are summarized as follows-
Hassle Free Process- Unlike visiting an actual outlet of the insurer, the online car insurance application process is simpler and quicker. Plus, there are no documents to submit or verifications to affect immediately. Thus, within a very limited, clearly defined steps, you are the proud owner of a comprehensive car insurance policy. All of this, from the comfort of your abode or the workstation at your office!
24x7 Coverage- The inherent speed of policy issue that is a principal characteristic of acquiring a online car insurance plan ensures that you are never without coverage. With the purchase of your car insurance online, get instantaneous policy issue with e-copies of the policy that can be accessed anytime, anywhere and printed out.
Everyone is Doing it- Most of the domestic and international car insurance providers operating in India provide the option to purchase or renew your car insurance online. It’s all about customer comfort, right?
The other benefits of subscribing to the e-route include the freedom afforded to you when choosing from a big list of insurers via their online profiles, and the option to conduct business the electronic way without involving money in its physical form. Bottomline, the manifestation of car insurance online is here to stay!!
A car insurance policy offers comprehensive protection and safeguards against legal hassles & expensive repairs in case of a mishap involving the insured car. Choosing the right car insurance can be quite tasking. Not all the policies available in the market gel well with your expectations. It is important to engage good amount of time and resources in learning about benefits & features of policies available in the marketplace to ensure you get the best car insurance policy.
Some of the key considerations should revolve around the following points.Claim Settlement Ratio
Money plays a pivotal role in choosing the right car insurance policy. At the end of it, we would like to have a policy that has the best features at a nominal price.
A customer friendly insurer understands that efficient customer support is key to customer satisfaction & invests fair amount of resources in building an efficient customer service team.
In addition to the above, smaller facets such as network garages & workshops, cashless benefits, brand value should be explored before buying a car insurance.
Car insurance protects the interests of a car owner and safeguards it against expensive repairs and damages caused to self, the insured car and third party. We must take utmost care while driving by following traffic rules and by navigating safely to our destination. Having said this, there can be an unfortunate accident involving the car resulting in damage and/or casualties. In such situations, the car insurance comes handy, helping you to meet the financial obligations relating to the mishap.
The claims procedure can be complex if you do not understand the dynamics surrounding it. Let us tell you more about how you can make it an easy experience.
In case of a major accident resulting in heavy damage to the car,
If the mishap involving your car resulted in damage or casualty to a third party that requires medical attention, shift the victim to a nearby medical facility immediately and call the insurer. The representatives will instruct you further on the action points.
If the car is stolen,
The modern world is online 24x7, affecting everything from shopping to clearing out EMIs with ease and reliability. Why must you wait in line to subscribe to a good car insurance policy? Banks has woken upto the advantages of offering car insurance renewal online and are ably supported by third party websites that compare the various available insurance policy products. The inherent procedure is as simple as-
In the modern context, purchasing car insurance online has emerged as a popular option amongst busy people, especially working professionals dwelling in the metros and other big Indian cities. Car insurance companies too have woken upto the latent potential of offering motor insurance online, hosting comprehensive web portals that simplify the procedures of gaining information, signing up and renewing car insurance policies through the magic of the World Wide Web. How can you purchase car insurance online? Read on…
The World Wide Web has simplified our lives in a whole range of ways- the option to buy car insurance online being one such uber convenience. Ditch the long lines and the confusion, compare and purchase your motor insurance policy online.
This is a very good question. Why bother with the chicken when you are a Vegan, right? Primarily, the following five reasons should answer your query:
Under the provisions of the Motor Vehicles Act of India, all vehicles that operate in public places must have a car insurance policy as a mandatory document. At the very least, the policy must cover ‘third-party liability’, that is, a cover in scenarios where your vehicle was the cause of an accident that resulted in injury, loss of property and/or death of a third party.
According to recent estimates, every 6th car crash in the world happens in India. This is staggering odds and a likely indication that your car could very well end up on the side of the road one of these days, after a brutal crash that could have resulted in injury, death and of course, massive losses in terms of repairs and replacements for your car. At that instance, the compensation and charges could run into several thousand or lakhs of rupees that may not be immediately available. However, with Car Insurance, there is complete peace of mind - paying a nominal premium today, to be tension-free when an unforeseen accident happens at a later date.
Accidents are stressful on their own without having to deal with the question of ‘What next?’ With your car insurance, comes your insurer’s expertise in handling these tense situations. Walking you through the claims process, helping you find a good garage and settling your claim on time - things that you will be thankful for when dealing with the aftermath of an unfortunate road accident.
Most Car Insurance policies offer coverage for injuries that might be sustained by you and your fellow passengers as a result of your vehicle’s accident. If not, personal injury protection can be purchased as an add-on feature. This acts as a powerful supplement to your health insurance - additionally covering for items that might not be covered by your health policy, including specialist care for accident-related injuries, dental repairs, funeral costs etc.
Just imagine, cruising on an open highway or wriggling through rush hour traffic without overtly worrying about the consequences (mostly financial) of a freak accident or an ‘innocent’ brush-up with an adjoining vehicle. Not having to pay for the mistakes of others. That’s mental peace - in it’s purest form!
In today’s fast paced world, getting things done online is nothing short of a divine boon. Car Insurance renewal online is today’s reality, and quite a popular one at that. Almost all car insurance companies in India provide their customers the option to renew their policies online, through simple net banking transactions, or the safe usage of credit/debit cards.
In the bargain, the customer saves valuable time, saves on the basic impetus of money as well as saves his/her often understated patience. The insurers on the other hand, offer this simple online renewal option and are assured of more inquisitive interest from their target audience, greater number of loyal repeat customers, and sizable savings in terms of setting up and maintaining the offline infrastructure. Online policy renewal is here to stay!
When it comes to finding the best Car Insurance policy that works for your specific requirements, all you can do is ‘compare, compare and compare’. Our expert customer support team is always at hand to help you with your queries, and our uniquely simple website pays loads of respect to your need for functional beauty, user experience and simplicity of operation.
Simply, follow the flow and discover the best Car Insurance in tow. We wish you a lifetime of safe and happy driving…and the comprehensive protection of a robust Car Insurance when bad times strike on the road.
Yes. According to prevalent motor vehicles laws in India, every vehicle plying on Indian roads must be insured.
Yes. Infact, the option to buy car insurance online is often highlighted by most compliant insurers as a surefire means to stay covered 24x7 and never run out of the applicable coverage.
When deciding upon the applicable premium amount, many factors are at play. Different companies charge different rates, based on differing criterias, when it comes to own damage cover. Also, deductibles and the IDV factor play a part when the premium amounts are decided upon. Shop around, and find a policy that best matches your requirements- ideally, avoiding a scenario wherein the premium might be less but the deductibles are high and the coverage and IDV are low.
No Claim Bonus, or NCB in car insurance is the benefit awarded to the insured for not making any claims during the previous policy period. Currently, this bonus ranges from 20% on the Own Damage premium upto a maximum of 50%. Note that this doesn’t apply on liability premium.
Yes. The applicable service tax is in line with the regulations set by the Insurance Regulatory and Development Authority of India (IRDA).
Getting a duplicate copy of your insurance policy is very easy. You could either approach your insurer’s office for the same or, if you have procured the car insurance online, print-out the soft-copy of the policy that was forwarded to you.
The Insured’s Declared Value (IDV) refers to the current market value of your vehicle as fixed by your car insurance company. The IDV comes in handy when claims are raised in cases of theft or total loss of the vehicle. Your insurer arrives at your vehicle’s IDV by pitting the manufacturer’s listed selling price against the commonly adhered to depreciation percentage.
Commonly offered as an Add-On, the Zero Depreciation Cover offers full settlement on your claim without the usual deduction affected for depreciation (or periodic reduction in value of the vehicle/automotive parts due to natural wear and tear caused due to normal usage). Deduction due to depreciation is a common factor with the normal car insurance.
Car insurance premium rates differ from one company to another based on their own internal protocols. The company calculates your premium based on these factors- a) The risk posed by you to the insurer, b) the insurer’s operational costs, c) the estimated money that the insurer is likely to pay as settlement through the year.
The simplest way to calculate your car insurance premiums is with a good Car Insurance Premium Calculator. While most lending banks offer this facility on their websites, competent third party calculators are also readily available.
Third party motor insurance doesn’t cover you and your vehicle. Its major purpose is to protect you against any liability that could arise from your vehicle’s involvement in an accident that led to the loss, damage, injury or death of third party property or individuals. Summing up, the following is covered-
Of course it is necessary to update your change of address at RTO as well as inform your motor insurer. You can get in touch with your insurance provider via their toll free number, email or in person. You can do this online as well. Just go to the official website and enter the details in the required columns.
After informing your current car insurance provider, please submit the documents mentioned below.
Being a safe driver, you certainly deserve a reward. But when it comes to earning it abroad, there are some slight variations to the eligibility. An insurance user can be granted a No Claims Bonus (NCB) on a new car insurance plan taken out in india as per the eligibility earned overseas. But this is applicable only if the scheme is taken out in india within three years of expiration of the international car insurance plan, depending on applicable provisions of NCB as per these rules and regulations..
This is exactly why third party cover is mandatory for all car owners. Car insurance is there to safeguard you when the unforeseen occurs. But when your own actions on the road cause a mishap, this cover becomes even more crucial. And yes, medical expenses are also covered in the third party car insurance, mandatory for all car owners.
Get complete information about the add-ons available to be integrated into your car insurance policy for additional coverage.
Set reminders for your car insurance renewal dates so you never miss your policy's renewal date. The early bird always stands to benefit.
False declarations will come back to haunt you. Your car insurance policy will lapse immediately if any incorrect information is found at any stage of your coverage period.
Some cars come with enhanced built-in security features such as anti-theft alarms, immobilizers and other systems that give potential thieves nightmares. With a low probability of theft, such cars can be insured for less premium. Note that only Automotive Research Association of India (ARAI) approved devices will fetch a 2.5% discount on your premium.
The city where a vehicle is registered determines premiums. Cars in metropolitan cities have to pay higher premiums as the incidence of vehicle thefts and accidents is higher.
Vehicle make and model and potential risk factors associated with it is a factor. For instance, some makes and models fare better in collisions than others so injuries to occupants and damage to the car would be less severe.
The insurance premium amount will always be less if you haven't made any claims before. The no-claim bonus percentage plays a major role in determining your premium amount. So think twice before scurrying to your insurer for a miniscule scratch or dent.
Additional cushions you may consider such as cover for CNG/LPG kits, key replacement costs, road-side assistance etc. will increase your premium amount.
In an effort to ensure strict implementation of BSIV emission norms, beginning April 2020, the government has taken to compulsory testing of 50% of vehicle model samples which will be picked at random from specific plants from the dealer warehouse or locations. This random sample testing is being done as a part of a process called conformity of production (COP). The notice further mentions that vehicles or engines featuring up to 7% biodiesel blends will be tested with reference diesel (B7), while those featuring biodiesel blends above 7% shall be tested with respective blends.
Following the release of this notice, automobile manufacturers are reportedly unhappy with these new norms.
22nd September 2016
For the benefit of Fiat customers, Fiat Chrysler Automobiles (FCA) India will be organizing the second nationwide service camp. To be held between September 19th to 25th, the camp will run at all Fiat authorized dealerships across the country. As a part of the camp, FCA plans to offer special discounts on labour (for mechanical repairs) and spare parts, along with free top-wash and car checkups.
21st September 2016
IRDAI (Insurance Regulatory and Development Authority of India) is considering implementing two factor authentication for e-insurance policies. As part of this process, an OTP (One Time Password) will be sent to the policyholder’s registered phone number and this will be used to verify the request.
IRDAI will be making changes to existing rules governing e-insurance in line with this new directive.
The regulatory body has stated that this move will help prevent fraud and make online insurance policies more credible.
Currently insurers require one factor authentication for the sale of motor and life insurance policies online.
The new directive will mean more stringent verification through the OTP as well as digital and e-signatures to authenticate the policy.
20th September 2016
Following the roaring success of its most recent models, the Baleno and Vitara Brezza Indian automobile giant, Maruti Suzuki India Limited (MSIL) is in the process of shifting its focus to introduce premium cars in the Indian market. Kenichi Ayukawa, CEO & MD, MSIL, said that the plans are underway to add more premium cars to the brand’s existing fleet. The Baleno and the Vitara Brezza+ are currently on the list of the top 10 cars which have captured market share in the months of July & August 2016.
16th September 2016
A slew of automatic cars are set for release soon, with the Renault Kwid AMT leading the pack. This car, which comes with an 800 cc engine, will be releasing in a 1.0 litre engine variant as well.
The Tata Tiago AMT is set to provide stiff competition to the Kwid, with both cars set to release in time for the upcoming festive season. The Tiago will be equipped with both petrol and diesel engines. The Revotorq engines will churn out torque of up to 140N.
The Maruti Suzuki Ignis is the latest in the company’s automatic fleet of cars. The car, a mini-crossover, will come with petrol and diesel variants and feature Maruti’s AGS technology.
Car buyers looking to capitalise on the new releases should definitely consider getting car insurance to ensure a happy and safe festive season.
12th September 2016
In an attempt to expand beyond small cars in its portfolio, Maruti Suzuki is planning to add more number of bigger cars and SUVs to its fleet. However, the country’s largest carmaker is worried with the success of Renault Kwid. Maruti has also started work on its latest version of best seller Alto. Customers can choose from various car insurance policies when they buy a car from Maruti Suzuki.
The MD & CEO of the company, Kenichi Ayukawa, said that the company has received a healthy response to Brezza city SUV and Ciaz Sedan. He also added that customers in India are expecting to upgrade to more premium vehicles. Talking about the recent policy flip-flops and sudden changes in regulations, the MD said the internal strategies will have to be changed and a lot of investment plans will be impacted.
1st September 2016
South Korean car manufacturer, Hyundai would be soon introducing Kia Motors into the Indian automobile industry. This will be done at a rung lower, owing to which the Hyundai cars would be offered as premium products. The ideal small car for the Indian market would be the Picanto, which can be categorised between the Grand i10 and the Eon. Under the hatchback category, the Rio would be the right choice for Hyundai. The Rio sedan would be the right selection in the smaller sedan segment for the car manufacturer competing with the likes of Maruti Swift Dzire, etc. No car line-up is complete without an SUV and Hyundai might bring in the Sportage with a 2.0-litre diesel engine into the market. An MPV named Carens might also be added to the list by Hyundai. Hyundai customers can get a comprehensive car insurance policy for their new cars while purchasing the vehicle from any insurer across the country.
26th August 2016
The Maruti Suzuki Vitara Brezza diesel variant, known as the VItara Brezza AMT, is one of the most anticipated car releases this year.The car was recently showcased at the Indonesia Auto Show, which is currently underway.
The car is the first diesel-powered model for the Brezza range of cars and is expected to be launched shortly.
While the car will continue to have a 1.3 litre DDiS engine, the car could have some surprises up its sleeve, which would be revealed during its launch in India.
The car comes with projector headlamps, underbody plastic cladding as well as roof rails for added comfort and durability.
Upon its release, the car will be insured by all major car insurance providers.
22nd August 2016
The traffic police in Nagpur are to raise fines for traffic violations from August 17th, 2016 in an attempt to deal with the growing numbers of offenders.
As per the new fine rates, motorists without a helmet will incur a fine of Rs.500 instead of the earlier Rs.100.
For offences such as speeding, driving a car without proper car insurance or registration and racing, the fine will now be Rs.2,000.
The penalties had been revised upwards at a meeting on August 4th, 2016, and were to be implemented from August 17th, 2016.
Additional fines have been added for the use of decorative number plates and rash driving, with offenders to be fined Rs.1,000 for such violations.
Making illegal modifications to vehicles and driving a vehicle without taillights or headlights will result in a fine of Rs.1,000 for each offence.
19th August 2016
The insurance industry will be embracing the digital revolution from October 1st, 2016. Electronic insurance policies will be issued to policyholders, with the policies stored in demat form after issue.
A number of insurance policies, such as motor insurance and travel insurance, will only be available in digital form after October.
In order to purchase or renew insurance, individuals will have to open e-Insurance Accounts (eIA).
Up to now, depositories to convert physical insurance policy documents to demat exist, but in future all policies will be issued in demat form.
E-insurance will be beneficial to policyholders as the process will be paperless and also reduce incidences of fraud as all documents will be digitally verified and tamper-proof.
The IRDAI has issued a grid for the issuance of policies in their electronic form, containing the sum assured as well as the annual premium payable.
18th August 2016