CAMS – Indirect Bet on Financialization?

We have two insurance depositories active today…I opened an account with ‘NSDL NIR’ back in 2017 with great enthusiasm but the experience was under whelming. Here is what my experience is,

1. LIC doesn’t participate. This defeated the whole purpose in my opinion. the true consolidation didn’t happen.
2. General insurance policies like mediclaim, etc. didn’t get dematerialized. Again defeating the whole purpose.
3. That leaves only private insurers in the NSEL account and here too, my Aditya Birla Policy that I terminated around 4 years back is still shown as ‘Active’ in my NSel account and also in CAS. The data is not synched.

If CAMS can do what NSE / CDSL couldn’t, then it is a promise but otherwise this is a non starter. Also, LIC has declared recently that it will have its own depository. So again, future continues to remain uncertain.