Life insurance policy holders may not be required to keep paper records of their policies once the plan for digitalisation of the sector that is being worked on by the Life Insurance Council is approved by the regulator IRDA.

Insurance claims arising out of the Mumbai terror attacks in 2008 are estimated to wipe out about Rs 500 crore from the corpus set up by general insurers to fund such losses.

Insurance regulator IRDA expects new and innovative policies to provide cover against terror attacks such as the one unleashed on Mumbai last week, but the industry expects the premium to go up.

State Bank of India will finalise the terms of general insurance venture with Insurance Australia Group (IAG) in the next few weeks, Bank's Chairman O P Bhatt said.