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Five things to know about an Insurance Repository

Five things to know about an Insurance Repository
July 7, 2020 camsrep

An Insurance Repository is a database of multiple insurance policies. It allows policyholders to store their insurance documents online. As is the case with shares and bonds which are held in a Demat account, you can keep your insurance policies in an e-Insurance account under a Repository.

Here are some frequently asked questions about an Insurance Repository.

1. Can any individual/firm act as an Insurance Repository?

Only an organisation or entity registered under Company’s Act and granted a ‘Certificate of Registration’ by the Insurance Regulatory and Development Authority (IRDA) can become an Insurance Repository.

2. How can I open an e-Insurance account in a repository?

A policyholder can open an e-Insurance account with any of the repositories approved by IRDAI. An individual can have only one e-Insurance account.

3. What if I have policies from different insurance companies?

If you own various policies from multiple insurance companies, you can store them all under one single registered account.

4. What are the advantages?

The repository will be your single point of service for storing, managing and accessing your policies. When your policy documents are stored in the electronic form, there is no risk of losing them. You can update changes in the policy, contact information and the nominee with speed and accuracy, and avoid visiting multiple branches and standing in queues.

5. Are there any costs involved?

Opening an e-Insurance account in a repository is absolutely free. You don’t have to pay to convert existing hard copies of your policies into electronic form.