Reliance Life Insurance Company ties up with five insurance repositories

NEW DELHI: Private insurer Reliance Life Insurance Company (RLIC) today said it has join hands with all five insurance repositories to provide life insurance policies in electronic form.

Reliance Life Insurance has tied up with five insurance repositories -- Database Management Limited, Central Insurance Repository Limited, SHCIL Projects Limited, CAMS Repository Services Limited and Karvy Insurance Limited -- to enable and encourage policyholders to hold their insurance policies in demat form.

The Insurance Regulatory and Development Authority ( IRDA) has approved all these five companies as Insurance Repositories (IR).

"We have tied up with all insurance repositories to offer insurance policies in electronic form for our customers," Reliance Life Insurance CEO Anup Rau said. "This green initiative will make it easier for the customers to buy and monitor multiple life insurance policies in a single demat account," he added.

According to IRDA, insurers can enter into agreements with one or more repositories. The objective of creating an insurance repository is to provide policy holders the facility to keep insurance policies in electronic form.

"Dematerialisation of policies will bring greater transparency and convenience to customers and it will also help reduce cost in issuing and maintaining life insurance policies. More importantly, it will also ease the problem of customer-contactability, which is a huge challenge faced by the industry," he added.