IDBI Bank in association with NSDL Database Management Ltd (NDML) has launched 'Electronic-Insurance Account (e-IA)’.
e-IA is the portfolio of insurance policies of a policy holder held in electronic form with an insurance repository.
Under this facility, customers can buy and keep insurance policies in electronic form, rather than as a paper document.
Existing policies in physical mode too can be dematerialised and held in e-IA.
This facility will not only provide policy holders a facility to keep insurance policies in electronic form but also enable them to undertake changes, modifications and revisions in the insurance policies.
"This would also be useful as the client would not have to undergo for fresh KYC verification in order to purchase new policies," the bank said in a statement.