Soon, when you buy an insurance policy, you could be assigned an electronic insurance number well. And, based on this number, you will receive an electronic or e-policy.
With the Insurance Regulatory and Development Authority of India (Irdai) mandating that e-policies will have to be issued for certain kinds of insurance plans such as, term and non-term life plans with sum assured of Rs 10 lakh and Rs 1 lakh or annual premium of over Rs 10,000, all individual motor and overseas travel plans, retail health policies having sum assured of Rs 5 lakh or more or premium of Rs 10,000 or more, bulk of both life and non-life industry’s products will soon go the electronic way.
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