IRDAI Digilocker: keep Life, Health, Car, Term and all other insurance policies intact
IRDAI Digilocker: keep Life, Health, Car, Term and all other insurance policies intact

The Insurance Regulatory and Development Authority of India (IRDAI) has advised insurance companies to enable their IT systems to interact with the Digilocker to enable policyholders to use this government facility for preserving their insurance policies.

 The authority has stated that retail policyholders must be notified by insurance providers about the Digilocker service and to use it. Insurers can also facilitate the procedure of putting their policies in the Digilocker to the policyholders.

Under the Digilocker initiative of the government, citizens can get authentic documents/certificate in digital format from the original issuers of their certificates. The facility has been set up by the Central government to eliminate or minimise the use of physical documents. It also aims to enhance the effectiveness of service delivery, making it hassle-free and friendly for the users.

To eliminate or minimize the use of physical records, the facility was developed by the Central Government. It also seeks to increase service provision efficiency, rendering it hassle-free and user-friendly.

In its new circular, the IRDAI claimed that Digilocker will accelerate cost savings in the insurance industry and aid eliminate customer grievances. "In the insurance sector, Digilocker will accelerate cost reductions, the reduction of customer concerns relating to the failure to provide policy copies, enhanced response time for insurance facilities, better processing and settlement of claims, the mitigation of complaints, the elimination of abuse and the enhancement of contact facility of the customers" stated the authority. "It is expected to lead to a better customer experience in general," it said.

Ease of Doing Business: Four more states complete reforms

Govt sticks to USD 5 trillion economy target, emphasize on infra push

India?s growth is set to further speed up to set up a ?Bad Bank?


Join NewsTrack Whatsapp group
Related News