(a) whether the insurance companies functioning in the country are selling their policies online;
(b) if so, the details thereof;
(c) the benefits likely to accrue to the policy holders as a result of purchasing policies
online; and
(d) the manner by which the claims are likely to be settled by the insurance companies after
sale of policies online?
Minister of State in the Ministry of Finance (Shri Namo Narain Meena)
(a) and (b): Yes, Sir. Insurance Regulatory and Development Authority (IRDA) has informed that
all Insurance Companies functioning in the country are selling their policies online except
Agriculture Insurance Company of India Limited (AICIL), Export Credit and Guarantee Corporation
(ECGC), L&T General Insurance, Raheja QBE General Insurance , SBI General Insurance and Shriram
General Insurance.
(c) and (d): IRDA has informed that the likely benefits of purchasing policies online are as
under:-
i. Availability of Lower Premium rates due to reduced operational expenses of the company.
ii. Quick and Hassle free purchase of the policies
iii. Policyholder may take an informed decision by looking into the products available online.
iv. Renewal of the policy becomes easier.
v. In case of a claim event, intimation may be given in a faster way that otherwise.
The manner of settlement of claims are as per Terms and Conditions of the Policy issued by the
insurance companies.