Reliance Capital’s insurance arm - Reliance Life Insurance Company (RLIC) has join hands with all five insurance repositories to provide life insurance policies in electronic form. Insurance Regulatory and Development Authority (IRDA) has approved all the above five companies as Insurance Repositories (IR).
The private insurer has tied-up with Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and Karvy Insurance -- to enable and encourage policyholders to hold their insurance policies in demat form.
According to IRDA, insurers can enter into agreements with one or more repositories. The objective of creating an IR is to provide policy holders the facility to keep insurance policies in electronic form.
