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The Insurance Repository System (IRS) introduced by IRDA enables policyholders to:
A{'text': 'File grievances electronically', 'letter': 'A'}
B{'text': 'Pay premiums in instalments', 'letter': 'B'}
C{'text': 'Buy and keep insurance policies in dematerialised (electronic) form', 'letter': 'C'}
D{'text': 'Lodge claims directly with the regulator', 'letter': 'D'}
Answer & Solution
Correct answer: C. {'text': 'Buy and keep insurance policies in dematerialised (electronic) form', 'letter': 'C'}
1. IRDA launched IRS as a pioneering policyholder-service initiative.
2. Its purpose is to dematerialise paper policies.
3. IRS enables policyholders to buy and keep insurance policies in dematerialised or electronic form (e-Policies).
_Source: IRDA Brochure (irdai.gov.in — official IRDAI publication) — "Insurance Repository System (IRS) is a pioneering initiative of IRDA ... IRS will enable policy holders to buy and keep insurance policies in dematerialized or electronic form (e-Policies)."_