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IRDAI advises all Insurance companies for issuance of Digital Insurance Policies via DigiLocker

IRDAI (Insurance Regulatory Authority of India) in a Circular dated 9th February 2021, has advised all Insurance companies for issuance of Digital Insurance Policies via DigiLocker. The Circular states, “in order to promote the adoption of Digilocker in the insurance sector, the Authority advises all insurers to enable their IT systems to interact with Digilocker facility to enable policyholders to use Digi locker for preserving all their policy documents.”

The circular also mentions that the insurers should inform their retail policyholders about Digilocker and how to use it. Insurers are also advised to enable the process by which the policyholders can place their policies in the dig locker.  Digilocker team in NeGD (National e-Governance Division) under the Ministry of Electronics and Information Technology will provide necessary technical guidance and logistic support to facilitate the adoption of Digilocker.

Digilocker is an initiative under the Digital India program by the Ministry of Electronics & Information Technology (MeitY) Government of India where citizens can get authentic documents/certificates in digital format from original issuers of these certificates. It aims at eliminating or minimizing the use of physical documents and will enhance the effectiveness of service delivery, making these hassle-free and friendly for the citizens.

In the insurance sector, Digilocker will drive the reduction in costs, elimination of customer complaints relating to non-delivery of policy copy, improved turnaround time of insurance services, faster claims processing and settlement, reduction in disputes, reduction in fraud, and improvement in customer contact ability. On the whole, it is expected that will lead to a better customer experience.

The decision of IRDAI came in the backdrop of a letter written by Shri Sanjay Dhotre, Minister of State for Electronics & IT, Communications and Human Resource Development, Government of India to Shri Anurag Singh Thakur, Minister of State for Finance and Corporate Affairs with regards to the issuance of digital insurance policies to citizen’s DigiLocker accounts. In the letter, Shri Dhotre had requested Shri Thakur to advise an IRDAI to issue an advisory to all Insurance Companies to make available the digital Insurance policy of all policyholders via their DigiLocker account and acceptance of Digilocker issued documents as valid documents. This will provide an alternate channel to access and manage all their insurance policies in a safe and authentic manner and will be of great value to their customers.”

An insurance certificate is an important document for a citizen and his/ her family. Timely access to insurance certificates can be of critical importance. Thus, providing digital insurance certificates through DigiLocker would be of significant convenience to citizens.

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TaxClue Teamhttp://taxclue.in
Taxclue is an online news portal for reporting all news, articles, judgments, Circulars, orders, and notifications relating to various corporate and tax laws in India. We use the tagline ‘Simplifying Laws’. Our mission is to Simplify the Laws and make people aware of their rights and duties in relation to tax matters in order to equip them to participate in nation-building.

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