Reliance Life ties up with insurance repositories

Reliance Life Insurance Company (RLIC) Wednesday announced their tie up with all five designated insurance repositories to provide life insurance policies in electronic form across all its products.

The Insurance Regulatory and Development Authority (IRDA) has approved five companies -- Database Management Ltd., Central Insurance Repository Ltd, SHCIL (Stock Holding Corporation of India Ltd) Projects Ltd, CAMS Repository Services Ltd, and Karvy Insurance Ltd -- as insurance repositories (IR).

Reliance Life Insurance has tied up with all these insurance repositories to enable and encourage policy holders to keep their policies in Demat form.

The company is one of the first few private insurers to offer this facility to its customers, it said in a statement.

This green initiative will facilitate customers to buy and monitor multiple life insurance policies in a single Demat account.

Reliance Life Insurance Company Ltd, associate of Reliance Capital Ltd, is one of India's top private sector life insurance company with renewal premium of over Rs.4,015 crore for the year ended March 31, 2013.

The company has sold over 7.5 lakh policies during this financial year and has an asset under management of more than Rs.18,189 crore (as on March 31, 2013).