Doing away with paper is an idea of the Globalists to steal the wealth of the Citizens in future,as the Government will be MORE technically savvy. Already there is a lot of complaints against Telecom Cos for electronic theft.
Insurance is not tradeable. What is IRDA achieving out of Demat. Plus the terms, factors like pre-existing illness, Critical illness change periodically.
OK after that year what will happen to Demat account if renewal premium is not paid.
Only ULIP makes sense but they should not advertise as "Insurance is the subject matter of solicitation"
IRDA is primarily to protect the interests of the insured as per its mission statement.
However, over the years it has become more like a dalal of the insurance companies when the insured lot is getting raw deals after deals in collusion with the insurance company.
When a patient is through a major illness or a surgery, he does not know to what extent a hole it is going to make in his finance though he may have over a number of years paid substantial amounts as premiums.
The claims are pruned in such haphazard manner that the very purpose of getting a medical cover is gravely defeated.