Press Information Bureau

Government of India

Ministry of Finance

14-December-2012 13:00 IST

Insurance Regulatory and Development Authority (IRDA) has informed that  all Insurance Companies functioning in the country are selling their policies online except Agriculture Insurance Company of India Limited (AICIL), Export Credit and Guarantee Corporation(ECGC), L&T General Insurance, Raheja QBE General Insurance , SBI General Insurance and Shriram General Insurance.

IRDA has informed that the likely benefits of purchasing policies online are as under:-

i. Availability of Lower Premium rates due to reduced operational expenses of the company.

ii. Quick and Hassle free purchase of the policies

iii. Policyholder may take an informed decision by looking into the products available online.

iv.  Renewal of the policy becomes easier.

v.  In case of a claim event, intimation may be given in a faster way that otherwise.

The manner of settlement of claims are as per Terms and Conditions of the Policy issued by the insurance companies.

This was stated by the Minister of State for Finance, Shri Namo Narain Meena in a written reply to a question in the Lok Sabha today.

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DSM/RS/ka

Online sale of insurance policies expands consumer access, with most insurers offering online purchase and claims subject to policy terms. IRDA reports that most insurers now offer online sale of insurance policies while a few insurers do not; online distribution is expected to lower operational expenses and enable lower premiums, quicker purchase and renewal, better product comparison for informed decisions, and faster claim intimation. Claim settlement procedures remain governed by the Terms and Conditions of each policy.