DigiLocker Insurance Policy – All You Need to Know

DigiLocker Insurance Policy is the new and smart way of maintaining your insurance policy. All your insurance policies can be fetched in the DigiLocker App and can be retrieved as and when needed. No need to have a physical copy of the insurance policy.

Recently on 9th February 2021, the IRDAI has laid down the guideline for issuing digital copies of the insurance policy through DigiLocker. This will help the insurance sector in a reduction in costs and eliminating customer complaints regarding non-delivery of the insurance policy.

What is DigiLocker?

Digilocker is an initiative under the Digital India program by the Government of India where citizens can get authentic documents/certificates in digital format from original issuers of these certificates. lt aims at eliminating or minimizing the use of physical documents and will enhance the effectiveness of service delivery, making these hassle-free and friendly for the citizens.

How DigiLocker Works?

DigiLocker is the platform for the issuance and verification of documents & certificates in digital form. It will help in eliminating the use of physical documents. The Indian Citizen who has signed up for DigiLocker via Aadhaar authentication can fetch the digital certificates issued by various Government and private sector companies.

How DigiLocker Will Help Insurance Sector in India?

ln the insurance sector, Digilocker will drive a reduction in costs, elimination of customer complaints relating to non-delivery of policy copy, improved turn around time of insurance services, faster claims processing and settlement, reduction in disputes, reduction in fraud, and improvement in customer traceability. On the whole, it is expected that it will lead to a better customer experience.

ln order to promote the adoption of Digilocker in the insurance sector, the Authority advises all insurers to enable their lT systems to interact with the Digilocker facility to enable policyholders to use Digilocker for preserving all their policy documents.

This will help the insurance companies to reduce cost and on the other hand, the policyholder will be able to store the insurance policy in the app and can retrieve it easily. The insurance company will spread awareness on how the policyholder can store the digital copy of the insurance policy in the DigiLocker app.

Below table shows the number of documents already issued by various insurance companies till date. The total number of documents issued is 53.88 Crores. That is a huge number. Now imagine the cost of sending the insurance policies to these policyholders, it will be huge.

Document TypeAvailable Documents
Insurance Policy – Two Wheeler30,95,20,122
Insurance Policy – Car11,28,51,332
Insurance Policy – Commercial Vehicle6,61,09,515
Insurance Policy – Health3,19,71,521
Insurance Policy – Engineering64,29,436
Insurance Policy – Miscellaneous33,20,767
Insurance Policy – Travel30,75,655
Insurance Policy – Life29,78,559
Insurance Policy – Home13,28,957
Insurance Policy – Group7,19,605
Insurance Policy – Property3,81,527
Insurance Policy – Marine1,37,935
Insurance Policy – Cyber4,196
Total Insurance Documents Issued*53,88,29,127
*Till 23rd March 2021

How to Use DigiLocker for Insurance Policy?

  • Go to the DigiLocker website
  • Log in using your Aadhaar card or mobile number
  • Enter your 6 digit security PIN
  • Go to the Insurance Tab
  • Select the insurance company
  • Enter the policy details
  • It will fetch the policy
  • Verify all the details of your insurance policy
  • Press the ‘Submit’ button
  • The policy is not issued in a digital form and will be saved on the DigiLocker App.

List of Insurance Company Available on DigiLocker

Company NameInsurance Type
Life Insurance Corporation of India (LIC)Life Insurance
New India Assurance Co. Ltd.Motor, Health, Travel, Rural, Marine
The Oriental Insurance Co. Ltd.Motor, Health, Travel, Property, Engineering
Bajaj Allianz General Insurance Company Ltd. (BAGIC)Health, car, two-wheeler, property
Pramerica Life Insurance Ltd.Life Insurance
Acko General Insurance LimitedHealth, Car, Two-wheeler
Bajaj Allianz Life Insurance Company LtdLife Insurance
Bharti AXA General Insurance Company Ltd.Health, Travel, Commercial, Car, Two-Wheeler
CANARA HSBC Oriental Bank of Commerce Life Insurance Company Ltd.Life Insurance
Cholamandalam MS General Insurance Company Ltd.Car, Two-wheeler
Future Generali Total Insurance SolutionsHome, Travel, Commercial, Car, Two-Wheeler
Go Digit General Insurance Ltd.Commercial, Car, Two-wheeler
HDFC ERGO General Insurance Company Ltd.Health, Car, Two-Wheeler
ICICI Lombard GIC Ltd.Health, Home, Travel, Car, Two-Wheeler
IFFCO Tokio General Insurance Company Ltd.Life Insurance
Kotak Life InsuranceLife, Home, Health, Car, Two-Wheeler, Commercial
Max Life Insurance Co. Ltd.Life Insurance
National Insurance Company Ltd.Health, Property, Marine, Engineering, Home, Commercial, Car, Two-Wheeler
Reliance General Insurance Company Ltd.Life, health, Travel, Car, Two-wheeler, Commercial
Royal Sundaram General Insurance Company Ltd.Car, Two-wheeler, Commercial
SBI General Insurance Company Ltd.Health, Travel, Commercial, Car, Two-wheeler
Shriram General Insurance Company Ltd.Life Insurance
Tata AIA Life Insurance Co. Ltd.Life Insurance
Tata AIG General Insurance Company Ltd.General Insurance
United India Insurance Company LimitedCar, Two-wheeler

Wealthpedia

Vishal Jhaveri is an avid finance blogger with vast experience in various financial markets like Stocks, Mutual Funds, Insurance, and Personal Finance. He believes that personal finance is a subject we aren’t taught in our schools. Earning is important to have a good sustainable life for yourself and your family. but you must acquire financial knowledge to create real wealth. Disclosure: All content provided on this website is for informational and educational purposes only and is not meant to represent trade or investment recommendations.

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