CDSL Insurance Repository signs agreement with LIC for digital insurance services
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CDSL Insurance Repository Limited (CIRL), a subsidiary of Central Depository Services (India) Limited (CDSL), has joined hands with Life Insurance Corporation of India (LIC) to offer digital insurance repository services. This collaboration will enable LIC policyholders to receive and manage their insurance policies electronically.
What is an Insurance Repository?
An insurance repository is an IRDAI-registered entity that maintains insurance policies in electronic form on behalf of insurers, ensuring secure and paperless management of policies.
CDSL IR’s Role in the Partnership
As a registered insurance repository, CDSL IR facilitates the issuance and maintenance of e-Insurance Accounts (eIA). Through this partnership, LIC policies will be issued digitally, making policy management more seamless and efficient.
Key Benefits of eIA for Policyholders
Digital Transformation: A fully digital insurance experience, eliminating the need for physical documents.
Less Paperwork, More Convenience: Policyholders can manage multiple policies, make renewal payments, update details, and request services through a single platform.
Efficiency & Time-Saving: Digital processes streamline policy management and reduce delays.
Consolidated View: All LIC policies held under an eIA can be accessed in one place.
Seamless Payouts: Policy benefits are directly transferred to the registered bank account electronically.
Other Insurance Repositories in India
Apart from CDSL IR, other IRDAI-registered repositories include NSDL National Insurance Repository (NIR) and CAMS Insurance Repository Services Limited.
CDSL’s Larger Role
Beyond insurance, CDSL serves as a central depository for securities, enabling electronic holdings and book-entry transactions for investors across India.
This partnership marks a significant step in digitizing insurance services, enhancing customer convenience, and streamlining policy management.
