There's a big change in how insurances will be sold. Good or bad move?

New insurance policies, be it health, life or general, will only be available in digital format. Only if you request the insurer will you get a physical copy. This comes following the Insurance Regulatory and Development Authority of India's (IRDAI) directive on March 20, 2024, stating that all new insurances issued from April 1, 2024, will have to be in an electronic form. This new approach is similar to holding shares in digital form in a demat account. Just as you open a demat account to hold shares, you'll need to open an e-Insurance Account (eIA) for your insurance policies. What are the benefits? One-stop destination: Your eIA serves as a one-stop destination for all your insurance policies, including health, car, life, and others. This will eliminate the hassle of managing and safeguarding multiple physical policy documents. KYC conve

This article was originally published on November 11, 2023.