What Insurance Rules Are Changing From April 2024? | The Geeky Pod Mini
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Imagine you're sitting across from your insurance agent, feeling excited as you take the first step towards securing your future. Your agent hands you a certificate—a tangible promise of protection. But amidst the excitement, a troubling thought crosses your mind: Why do we still rely on paperwork in this digital age? What if these documents get lost in the chaos of life? The uncertainty looms large: How will you reclaim your policies without the necessary paperwork?
Now, let's step back and take a wider look at the situation. Did you know that as of 2023, India faces a staggering 25,000 crore rupees worth of unclaimed insurance policies? The main reason? Lack of proper documentation. It's a serious issue—a reminder of the vital role paperwork plays in navigating the complexities of insurance.
Today, we're unpacking a significant shift that's poised to transform how we manage our insurance policies.
From April 1, 2024, it will be mandatory to hold insurance policies in electronic format—a move akin to how investors manage shares in a demat account. But what does this mean for you?
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