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Life Insurance Corporation to go complete digital
Posted on: 08/Dec/2014 3:15:07 PM
LIC of India has decided to keep all documents of its policy holders in the digital format. In 2011, Insurance Regulatory and Development Authority ordered all Indian insurance Companies to convert the policy documents in their possession into digital format. The IRDA believed that the administration cost can be cut down to a considerable extent and all the transactions can be maintained in a transparent manner.
To make this possible, as a first step, IRDA gave permission for five insurance companies to maintain their policy documents in digital format. Accordingly, Life Insurance Corporation has announced that it is going to maintain all policy documents in digital format.
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