Insurance Repository

Who are Insurance Repositories?

IRDAI has introduced the concept of repository in Insurance in the year 2011 to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies. 

So, when you buy any Insurance it will be kept with any of the Insurance Repository in India as mentioned below. Once your Insurance or Policy is issued, you are likely to get a communication from one of these repositories.  

Insurance Repositories in India:

The Insurance Regulatory and Development Authority of India (IRDAI) has approved five entities to act as official insurance repositories in India. These repositories provide a digital platform for policyholders to store and manage their insurance policies electronically through an e-Insurance Account (eIA), enhancing transparency, convenience, and security. The five approved insurance repositories are:

• NSDL Database Management Limited (NDML)
• Central Insurance Repository Limited (CIRL)
• SHCIL Projects Limited
• Karvy Insurance Repository Limited (KINREP)
• CAMS Repository Services Limited (CAMSRep)

These repositories enable policyholders to hold multiple insurance policies from different insurers in one centralized electronic account, facilitating easy access, updates, and dematerialization of physical policies

Key benefits of using an insurance repository include:

• Safe and Secure Storage: Insurance policies are stored electronically, eliminating the risk of loss, theft, or damage associated with physical documents.
• Convenient Access Anytime, Anywhere: Policyholders can access all their insurance policies (life, health, general) in one consolidated electronic account (e-Insurance Account or eIA) from any location via the internet, simplifying policy management and claim processes.
• Single KYC Compliance: Once KYC is completed during eIA opening, policyholders do not need to submit KYC documents repeatedly for new policies, making the purchase process faster and hassle-free.
• Consolidated View and Tracking: Policyholders receive annual statements summarizing all their insurance holdings, enabling easy tracking and monitoring of multiple policies across insurers.
• Paperless and User-Friendly: The digital format reduces paperwork, streamlines updates (such as contact details), and allows policy modifications online without visiting insurer offices or agents.
• Efficient and Transparent Service: Insurance repositories provide a single point of contact for policy servicing, enhancing transparency, reducing dependency on agents, and improving overall efficiency.
• Cost and Time Savings: Online premium payments and policy servicing avoid long queues and reduce administrative costs for both policyholders and insurers.

Regards,

Honvest Team.