Page 26 - Insurance Times April 2024

E-Insurance

and Bima

Trinity

Arup Dasgupta

“The Insurance Regulatory and Development Authority of India (Bima Vahak) Guidelines, 2023 shall
come into force from the date of launch of Bima Vistaar. It is a comprehensive Insurance product
which will be issued in due course,” the regulator said in a notification. It will be one policy under
which life, health and property insurance cover will be extended to the customer at one go at an
affordable price. The policy will be in simple format, easy to understand by the common people.

U nder "Protection of Policyholder Interest updates like policy loan, premium payments and claim
readiness will be added to the platform.
Regulation,2024", e-Insurance Account ( EIA) will
be opened for all new policyholders and digital
policy record will be kept with Repository like
CAMS, NSDL, Karvy and CIRI. Policy holders can view, The basic services by the depository will be offered free of
cost.
download and manage all his life, Nonlife and health policies
at one place. This regulation will be effective from 1st April, 2024.

Benefits for policy holder: Issue of all policies through electronic format is compulsory
now. Majority of the life and Nonlife Insurance companies
1. Chance of loosing the physical copy is ruled out.
have adopted the electronic Insurance Account Mechanism.
2. Any update by policyholder of any data in one policy will The new system will encourage the policy holders to digitise
be reflected in all other policies. their policy documents. If the policy holder sees any
3. Policy holders will get his Insurance policy in demat form deviation from these norms , they can contact the insurance
instantaneously. repository immediately for any necessary correction.

4. This initiative of the Regulator will increase the security
of data. The Insurance Regulatory and Development Authority of
India (IRDAI) is working on the final modalities of an all-in-
5. This e-Insurance Account will allow the policy holder to one standard insurance product—Bima Vistaar—which is
view his consolidated benefits like renewal of policies, expected to be launched soon.
updation of nominee and bank account details with
insurers. “The Insurance Regulatory and Development Authority of
6. As the insurer are getting on boarded, there are new India (Bima Vahak) Guidelines, 2023 shall come into force

24 April 2024 The Insurance Times