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Despite digitization, most insurance buyers want to keep a copy of the policy : Survey – Despite digitization, most insurance buyers want to keep a copy of the policy

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Despite digitization, most insurance buyers want to keep a copy of the policy : Survey – Despite digitization, most insurance buyers want to keep a copy of the policy

New Delhi, Nov 19 (PTI) Despite digitization, more than 80 per cent of insurance policy takers prefer to keep physical copies of their policy documents. This has been concluded in a survey.

As the contribution of insurance to the Gross Domestic Product (GDP) has grown exponentially in the last one year, it is also important to make buyers feel secure about their investments, says a survey by Bombay Master Printers Association (BMPA) .”

Most companies still ask for original paperwork while settling the claim. The survey report said the insurance regulator should consider reinstating Section 4 in the interest of buyers and issue physical copies of the policy document at the earliest.

Since the insurance policy is a contract between the insurance company and the insured, about 82 per cent of the buyers preferred the physical copy over the digital copy. About 5,900 people were consulted in this survey.

About 56 percent of those surveyed were in the age group of 18-40 years, 28 percent were in the age group of 41-60 years and 14 percent of the respondents were 60 years of age and above.

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