Thursday, December 1, 2016

insurance

Life insurance products may combine insurance and investment. These are not pure insurance products since they provide a maturity benefit to the policy holders. However, it has been observed that the rate of savings or investment returns fetched through such insurance saving products are relatively less than the other pure investment products. However, young investors may choose to opt for term policy which is a Life Insurance Policy.

NDML, a subsidiary of NSDL, has received an approval from Insurance Regulatory and Development Authority (IRDA) for setting up  Insurance Repository and named it as ‘NSDL National Insurance Repository (NIR)’. NIR facilitates holding of all type of insurance policies in electronic form in a single e-Insurance Account (eIA). It eliminates all the lacunae of holding the insurance policies in physical form. eIA will also facilitate common Know Your Customer (KYC) for eIA holder. The KYC done while opening an eIA will eliminate the need to repeatedly do the KYC every time an insurance policy is purchased. eIA also acts as a single point of contact for the account holder to update demographic details with all the insurance companies with whom insurance policies are held. It will also facilitate conversion of the existing paper policies into electronic policies at the request of the policy holders.

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