The proposed registry would serve as digital public infrastructure for insurance, with UPI in payments offering a comparison. IRDAI aims to make insurance easier to access and more transparent, supporting wider coverage under the Sabka Bima Sabki Raksha Act, 2025. The project remains at the proposal stage.

Insurers would continue holding their original records, while the registry would offer a unified view across companies. By allowing different systems to exchange information, it is intended to cut paperwork. Customers could compare products, see their policies together, check agents, follow claims and locate unclaimed money.

Insurers could use the information to improve product design and pricing, while reinsurers could gain better insight into losses. Brokers and corporate agents could use verified digital records to speed up customer onboarding. Regulators and government bodies could identify coverage gaps, and researchers could study trends using anonymised information.

For lenders, the proposal offers a way to check whether a policy is valid and provides the cover required when accepted as security. That could support quicker loan assessments and reduce fraud involving fabricated policy documents. Faster claims handling and better customer service are also expected benefits, rather than outcomes already achieved.

IRDAI is seeking suggestions on system design, privacy protections and customer consent. Stakeholders can submit comments until September 30, 2026, after which the registry’s final rules are to be framed.