IRDA launches portal to sell insurance policies online

The Indian Insurance Regulatory and Development Authority IRDA has started a web portal for insurance companies which will help them register and sell their insurance policies online.

IRDA said in a circular that this portal will be open for the intermediary units in the ‘ISNP Dot Irda Dot GOV Dot In’ Insurance business. Last month IRDA issued guidelines for e-commerce in the insurance sector. Insurance companies, brokers and corporate agents can sell insurance services and policies on this portal ‘Insurance Self Networking Platform’ (INSP).

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Prime Minister Narendra Modi launched a Bhim-based digital payment platform to promote digital payments on Friday on the occasion of 126th birth anniversary of Babasaheb Bhimrao Ambedkar. Digital payment can be made using the basis of Bhima-based business interface Bhima-base. With this, every Indian will be able to make digital payments using their biometric data.

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In its guidelines issued in March, Irdai had said that companies may offer discounts to customers if their policies are sold through e-commerce websites.

This will help companies increase insurance penetration in the country, it said.

The ISNP portal will offer host of services including change of policy details like name and address, collection of renewal premiums, surrender or withdrawals, fund switching, policy revival or cancellation or transfer, duplicate policy, death/maturity claim and other policy specific services, it added.

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