Impact of Insurance Repository: A Step toward e- word

Abstract

India is the second most populous country in the world, whose rapidly developing economy, is wideningthe gap between rich and poor. Insurance & Microfinance allows the poor to get the loans; they need tosave, invest, and create a sustainable profitability & lifestyle of financial independence and growth.An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronicform, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and suchpolicies are called “electronic policies” or “e Policies”. Union Finance Minister Launched InsuranceRepository System (IRS) on 16th September 2013. This is unique system in the world.