Buyers of life insurance will now be able to save their policies in a digital form instead of having to maintain paper copies of each transaction over the life of the policy, which typically spans between 20 and 30 years.
The Insurance Regulatory and Development Authority (Irda), the industry watchdog, is awaiting a proposal from the Life Insurance Council, an industry lobby, that will allow life insurers to dematerialize life insurance policies, just like company shares.
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