LIC ties up with five insurance repositories

MUMBAI: Country's largest life insurer, Life Insurance Corporation of India (LIC) has tied up with all the five insurance repositories to enable its policy-holders to manage their insurance policies through a single account.

People having more than one insurance policies in life segment with LIC can have one single account with which they can manage all those insurance policies at Central Insurance Repository Limited (CIRL), SHCIL Projects Limited, Karvy Insurance Repository Limited, NSDL Database Management Limited and CAMS Repository Services Limited.

A meeting with all the five repositories was held at LIC headquarters here today.

"After already having completed testing with all five repositories last week, the LIC had called for all the five repositories today to announce that it has launched the facility for its policy-holders," CAMS Repository Services' CEO S V Ramanan told PTI.

The initiative is going to convert insurance policies into a digital format. As of now customer has to physically go to multi insurance policies which consumes lot of energy and time, he said.

"It's a revolutionary concept which will change the customer experience of dealing with insurance," Karvy Insurance Repository Executive Director and CEO Viiveck Verma said, adding that the facility is also being brought on mobile platform through an App.