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 Type||Available Documents|
|Insurance Policy – Two Wheeler||30,95,20,122|
|Insurance Policy – Car||11,28,51,332|
|Insurance Policy – Commercial Vehicle||6,61,09,515|
|Insurance Policy – Health||3,19,71,521|
|Insurance Policy – Engineering||64,29,436|
|Insurance Policy – Miscellaneous||33,20,767|
|Insurance Policy – Travel||30,75,655|
|Insurance Policy – Life||29,78,559|
|Insurance Policy – Home||13,28,957|
|Insurance Policy – Group||7,19,605|
|Insurance Policy – Property||3,81,527|
|Insurance Policy – Marine||1,37,935|
|Insurance Policy – Cyber||4,196|
|Total Insurance Documents Issued*||53,88,29,127|
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 Name||Insurance 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 Limited||Health, Car, Two-wheeler|
|Bajaj Allianz Life Insurance Company Ltd||Life 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 Solutions||Home, 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 Insurance||Life, 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 Limited||Car, Two-wheeler|