E-Vahan Bima Digital Vehicle Insurance Policy
What is E-Vahan Bima Digital Vehicle Insurance?
It is a scheme whereby the policyholder will not be required to carry physical documents for vehicle insurance.It facilitates insurance policy to be stored digitally on the mobile , which has the QR (Quick Response) code.Such QR code can be scanned to track and verify the details of such digital vehicle insurance policy.
Features of E-Vahan Bima Digital Vehicle Insurance
Telangana is first state to accept and implement E-Vahan Bima Digital Vehicle Insurance.When traffic police scans the QR code on digital policy , which will retrieve the policy details either from isurer database or from IIB.During the transition period, the owners shall keep physical insurance policy.The customer can also obtain E Insurance account which will facilitate saving of all insurance policies at one place.However this would require that insurer should have tie up with insurance repository.Such E Insurance account opening wont have KYC requirement as it is currently waived off.Private Insurance companies have started issuing Vehicle Insurance Policy carrying QR code.Those of whom don’t possess the smartphone, they cam stick QR code to the vehicle which can be easily scanned by the traffic authority.
Benefits of E-Vahan Bima Digital Vehicle Insurance
No need to carry physical policy of vehicle insurance.Hence no worry of misplacing , wear and tear , or theft etc.Convenient for commuter because the E-Vahan Bima Digital Vehicle Insurance policy can be stored on smartphone.Convenient for regulatory authority (traffic police), because he need not check through loads of papers.Improved compliance as smartphones are always with the owners .QR code facilitates easy access to policy details such as date of premium payment , policy start date, policy end date etc.Renewal or new purchase of policy has become easier with E-Vahan Bima Digital Vehicle Insurance scheme.For such cases digital policy is sent to the person via email aliong with SMS informing the same.Insurance company also benefits by cost saving in the form of decrease in physical copies and other relevant administration costs.Digital insurance policies also leads to reduction in frauds in claim disbursement.This is beacuse the physical policies can be easily manipulated , stolen or misplaced.
CONCLUSION E-Vahan Bima Digital Vehicle Insurance is really progressive idea which will encourage ‘Digital India’ mission to be implemented. However , Telangana has been the only state which has come forward and accepted and also implemented it.The IRDAI hopes to get it done across country till year 2017 , which will surely turn positive because it will ensure compliance, safety , security and identity to be verified easily. Recommended Articels
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