List of Insurance Repositories selected for maintaining the Insurance data in de mat form.

Recently when the claim was lodged for health insurance with a general insurance company then the delay in clearing /payment of the claim was that they had called for original proposal form , which was submitted when the insured had purchased the policy for the firs time i.e. 3 years back . What can be the situation if insured had purchased the policy 15 years back ?

We always advise the clients that they should keep all the old policies of health insurance in a file ,as it may be needed in future ,when the claim is lodged.

May be Repositories which will start operations in near future will simplify the whole thing as these will maintain data in de mat form. All of us are hopeful that this will help the insured as well as insurers.

5 companies which  have been selected by IRDA for the work of Insurance Repository  are;

1. National Securities Depository
2. Central Securities Depository
3.Stock Holding India
4 CAMS
5 Karvy

It is understood that" In principle" approval has been given to them.
Karvy, which is also in the business of insurance distribution, has been asked to keep arms length distance between Insurance Repository and  its insurance distribution firm . It is a difficult task but we are sure that IRDA, the regulator will take sufficient precautions so that de mat data is not misused.