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LIC digitises all policy records

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The largest life insurer LIC has digitised all of its policy records, putting all its policies in electronic or dematerialised form.

“As on date all of Life Insurance Corporation (LIC) policy records have been digitised,” an official statement said.

The Insurance Regulatory and Development Authority (Irda) in 2011 issued guidelines asking companies to keep policies in electronic form for efficiency, transparency and cost reduction in maintaining the data.

For the purpose of keeping data in digital form, five insurance repositories (IRs) have been granted permission to maintain such electronic policies.

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