Press Information Bureau

Government of India

Ministry of Finance

14-December-2012 16:30 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 Ltd. (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 o the company,

ii. Quick and hassle free purchase of the policies,

iii. Policyholder may take an informed decision by liking 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 than otherwise.

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

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

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DSM/RS/bs

Online sale of insurance policies expands nationwide with limited insurer exceptions and claims settled under existing policy terms. IRDA reports that insurers nationwide are offering online policy sales except for specified companies, noting benefits such as lower premiums from reduced operational costs, quicker purchase and renewal, improved access to product information for informed choice, and faster claim intimation; claim settlement continues to be governed by the Terms and Conditions of individual policies.