Srinagar: Come April 1, 2024, all insurance policies will be issued electronically and getting the new E versions will be mandatory for all policy holders.
With the new e-insurance system, policy holders can manage their insurance plans (life, health, etc.) electronically in a secure online account called an e-Insurance Account (EIA).
As there will be no more paperwork, policy holders can view, download, and manage all policies in one place. There is also less risk of losing documents compared to physical copies. There is also the option of easily tracking policy details and renewal dates.
The Insurance Regulatory and Development Authority of India (Irdai) recently introduced the “Protection of Policyholder Interest” Regulation 2024, effective from April 1, 2024. This regulation mandates the conversion of all insurance policies into electronic format.
