E-Insurance Account - Converting LIC policies not possible?

Dear All,

I went through the e-insurance account benefits, and it sounds really wonderful. I opened my e-insurance account also. I was able to convert my ICICI Prudential policy to electronic format.

However most of the problems in insurance servicing happens only with LIC because of their antique work cultures and systems. I have policies from 3 different states, and for any changes I am told to visit the servicing branch!

E-insurance should solve all these issues, however it looks like LIC Policies cannot be converted to de-materialized form yet. But there are news articles dated Sep 2014 that LIC has tied up with all 5 insurance repositories. Then why am I not able to convert these policies?

Has anyone converted their LIC policy to demat form?

Regards,
Raj

Yes, you stated correctly that LIC had tied up with all five insurance repositories for offering policies in a digitised format. But you have to wait till it's avaiable to all LIC offices.

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Pilot Launch:
In order to increase the pace of insurance digitisation, Irda has asked all life insurers and insurance repositories to participate in the pilot launch. The pilot launch will be for a duration of two months with effect from July 1, 2014.

During the pilot launch, each life insurer have to convert a minimum of 1,000 or five per cent of the existing individual policies (issued in hard form and currently in force), whichever is less for each of the IRs into electronic form. This will, however, be subject to a minimum of 250 policies per IR.

LIC has formally told that the process of digitising the lic policies has gone live. While pilots have been on at LIC for the past few weeks, it has now been decided to offer the same to existing customers. For new customers, the service will first be offered in the Mumbai division and would later be extended to other regions. LIC is expected to digitise at least 5,000 policies till August 31 deadline for the pilot launch.

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I think it is taking time for insurance companies to coordinate well with repositories.

Hi Raj,

Yes it taking time. But this is due to large customer database compared to private insurance.

Also you need not go to the branch to change address. Please send a mail with your address proof and policy details to the current policy branch. Also send a courier of these proof.

Automatically, your policy branch will be changed. I have done it.

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Originally Posted by rajesh_ctm

Dear All,

I went through the e-insurance account benefits, and it sounds really wonderful. I opened my e-insurance account also. I was able to convert my ICICI Prudential policy to electronic format.

However most of the problems in insurance servicing happens only with LIC because of their antique work cultures and systems. I have policies from 3 different states, and for any changes I am told to visit the servicing branch!

E-insurance should solve all these issues, however it looks like LIC Policies cannot be converted to de-materialized form yet. But there are news articles dated Sep 2014 that LIC has tied up with all 5 insurance repositories. Then why am I not able to convert these policies?

Has anyone converted their LIC policy to demat form?

Regards,
Raj

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