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Here, we will discuss about what is IRDA Insurance Repository System (IRS) and Benefits of IRS. It’s allow a facility to hold insurance plans with demat account. Normally Demat is used for Equity, bonds share buy selling or holds.
Irda's insurance repository scheme

How to open an e-insurance account:As per IRD Rule a policyholder can open only one e-insurance account with any of the five repositories. The names of the Repositories are NSDL Database Management, Central Insurance Repository, SHCIL Projects, CAMS Repository Services and Karvy Insurance. IRDA has also stipulated that an individual can have only one e-insurance account.
 
What will we do, if we have policies from different insurers:Even if you have policies from multiple insurance companies, they can be stored in the same account. Right now, only life insurance policies and pension plans are being allowed to be held in e-insurance accounts. However, the facility will eventually be extended to health, car, home and other forms of general insurance.

 What are the advantages of Repository Insurance System:If your policy is stored in the electronic form, you don't run the risk of losing the physical documents. It will become easier to track your policies as the details will be available at one place. You won't have to go to different offices anymore and paperwork will reduce. With the repository as the single point of service, updating details like change of address or nomination will become easier, faster and more reliable.  It will reduce miss selling because the agent will not be able to keep the new insurance policy till the expiry of the 15-day free-look period.

What are the cost expenses: Policyholder has nothing to pay open an e-insurance account that holds the policies demat is enough for this. All the services provided by insurance repositories are also free. You don't need to pay anything for converting the existing policies into electronic form. The insurance companies will recoup their costs from the savings in policy issuance and delivery.

How to buy a new policy: If you have an e-insurance account, than it easy to buying a new policy. Just quote your account number in the application and opt for a policy in the electronic form. KYC (Know Your Customer) documents would already have been submitted and verified, so insurance firm won't have to repeat the process. The policy will reflect in your account after its issuing.
 
You have bought the Policy but if you have need make changes in a policy: The insurance repository is all in one for services of your requirements, so you will need to submit your request to it. If the change is at the account level (address or contact details), the repository will execute it after due verification and then intimate the insurance company. If the change is at the policy level (nomination, sum assured or account details), the repository will forward the request to the insurance company.

How to convert existing policies in demat form: All the existing life insurance and pension plans (and other policies when it is extended to all) will need to be converted into the demat form if you want them stored in the e-insurance account. You will need to fill up a request form for conversion and submit your policy documents to the insurer.
 
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