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CIRL Collaborates with LIC to Improve IR Services for Policyholders.

Banking & Finance | Dated: 26 Mar 2025

In March 2025, Mumbai (Maharashtra)-based Centrico Insurance Repository Limited (CIRL), a subsidiary of Central Depository Services (India) Limited (CDSL), entered into an agreement with Mumbai-based Life Insurance Corporation of India (LIC) to provide Insurance Repository (IR) services.

🎯 Key Highlights:

  • - This collaboration, part of LIC's Request for Proposal (RFP) process, aims to digitize policy management, enabling policyholders to store insurance policies electronically and access seamless updates.
  • - The IR system, introduced by Indian regulators, eliminates paperwork by allowing policyholders to hold and modify policies digitally.

💡 Other Important Facts:

  • (i) CIRL, which now partners with 43 insurance companies (including 23 life insurers), will leverage LIC's inclusion to expand value-added services for policyholders nationwide.
  • (ii) Notably, LIC holds a 4.4% stake in CDSL and 8.3% in CIRL, while CDSL maintains 51% direct ownership and 3.25% via its subsidiary CDSL Ventures Limited.

📚 Test Your Knowledge:

Recently, CIRL partnered with which insurance company to enhance Insurance Repository (IR) services for policyholders?

Correct Answer: LIC

🚀 Quick Recap: