When people buy insurance, they actually buy a Promise... A promise that the insurance company makes - "To provide support (claim) in case the covered event occurs". While the loss may be irrecoverable, the paid claim amount goes a long way in supporting the family's well-being.

Imagine a situation wherein someone having a life insurance cover of 50 Lakh, unfortunately- dies, and the family has no clue about the insurance policy!

Yes, we do have mechanisms like eInsurance account (eIA), but the adoption is still abysmally low. Even physical policy documents may not always be found. To add to this challenge, majority still do not maintain an updated list of insurance policies that can be referred to when needed. Even spouses are at times not aware of policies taken!

During the recent COVID crisis, I have seen multiple cases wherein the family of the deceased had no clue about existing insurance policies. Few good samaritans from the industry helped by checking insurance policies across multiple companies individually. Very often, it did result in policies being found - thus helping the family.

But this needs a more efficient and permanent solution.

We request the Regulator to establish a single point mechanism/platform that allows checking of Existing policies (Life, Non-Life, Health) across All Insurance Companies, using relevant data points (PAN, Mobile Number, Aadhaar, etc). Also, a check needs to be put in place to ensure the person receiving this information is entitled to the same (Spouse/Parents/Children).

Your support to this petition will help those who rightfully deserve to be compensated. You will make a difference!