HDFC launches electronic will writing service 'e-Will'

The service claims to assist individuals write their e-Will online without making any personal visits or phone calls

HDFC Securities today launched a unique electronic will writing service 'e-Will' in India. The company has launched the service in collaboration with its legal partner WillJini.

The service claims to assist individuals write their personal e-Will online without making any personal visits or phone calls. This do-it-yourself service is automatic and is not prepared or vetted by an advisor.

In a video conference call here, HDFC Securities MD & CEO Aseem Dhru said e-Will was 100% confidential, tenable and legally compliant as stamp paper or registration was not mandatory in India.

An HDFC Bank customer could prepare an e-Will by registering on HDFC Securities website. The individual has to give a list of assets and to whom one wishes to bequeath them to. e-Will would be charged at Rs 4,000 plus 12.25% taxes.

The prepared e-Will is printed and retained by the customer after getting the witnesses sign the document for its authenticity.

Commenting on the confidentiality of e-Will, he said the company does not store any record and all records are subsequently wiped off from its server.

Dhru said there was little awareness amongst people regarding preparing wills in their lifetime and it spanned not only smaller towns but even the metro cities.

"It is a big challenge for us to create awareness about this produce and we are starting today. It is a long term business opportunity but we are confident," he underlined.

HDFC Bank and HDFC Securities have a customer base of nearly 29 million and 1.7 million respectively. Dhru said while it was the first of its kind service being launched in the country, similar products had long been available in the developed economies.