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e-Insurance Account (eIA) or Electronic Insurance Account is a facility which safeguards the insurance policy documents of policyholders in electronic format. Each e-Insurance Account will have a unique Account number and each account holder will be granted a unique Login ID and Password to access the electronic policies online. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio through internet.
Benefits of holding Insurance Policies in electronic form
Some of the benefits of holding Insurance Policies in electronic form are:
- Safety: There is no risk of loss or damage of a policy as is common with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed whenever and wherever needed. A copy of the policy can be downloaded at any time by accessing the e-Insurance account.
- Convenience: All insurance policies, be it life, pension, health or general, can be electronically held under a single e-Insurance account. This means all details of all policies are available in a single account (place). The details of any of the policies can be accessed at any time by logging on to the online portal of Insurance Repository.
- Single Point of Service: Service requests in respect of e-Insurance account or any of the electronic policy can be submitted at any of Insurance Repository’s service points. A single request can sometimes cater to the requirements of several Insurers. As an illustration, a single change of address request made to the Insurance Repository can update the policies issued by multiple Insurers. There would be no need to go to several offices of individual Insurers for service.
- Less Paper work and savings in time: An e-Insurance account holder is freed from the trouble of submitting KYC details each time a new policy is taken. Further, any changes in personal details like address or contact number can be effected through a single request thus saving on paper and time.
- Statement of Account: At least once every year, the Insurance repository would send a statement of account to the e–Insurance account holder with the details of the policies of the account holder.
- Payment Options: Premium for all the policies can be paid online and several service requests can be logged from the e-Insurance account.
- Increased number of service touch points: Since, the Insurance repositories function in addition to the Insurers, the policyholders will have increased number of touch points for having their servicing needs attended.
- Easy payout transfers: Policy benefits would be paid through electronic facility to the registered bank account, thus ensuring speedier and convenient settlement.
- Single view: Single view of all policies will be made available to an authorized person in case of death of the e-Insurance account holder.
Frequently Asked Questions (FAQs)
Is there any fees to open an e-insurance account (eIA)?
There are no fees to open an e-Insurance account. It is offered free of cost to the applicants
Where to open an e-insurance account (eIA)?
Currently, Insurance Regulatory and Development Authority (IRDA) has approved 4 entities to act as ‘Insurance repositories’ that are authorized to open e-Insurance Accounts.
1) NSDL Data Management Limited
2) Central Insurance Repository Limited
3) Karvy Insurance Repository Limited
4) CAMS Repository Services Limited
Where can you obtain the Application form for an e-insurance account (eIA)?
This form would be available with
1) Insurance Company,
2) Insurance Repository or
3) An Approved Person
Who is an Approved Person (AP)?
An Approved Person is a Point of Sale (PoS) appointed by Insurance Repository and will be working on behalf of Insurance Repository to extend the IR services.
What are the requirements to be completed for opening an e-Insurance account?
An e-Insurance account holder or policyholder is required to
1) Fill the e-Insurance account form and
2) Submit the below to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository:
- Photo ID,
- Recent passport size photograph,
- Cancelled Cheque (In case of ECS/NEFT services for insurance premium payment transaction) and
- Address proof
Can I open an e-Insurance account without having a life or non life policy for my own self?
Yes, an individual who is not having any insurance policy can open an e-Insurance account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person.
How many days does it take to open an e-Insurance account after all the necessary formalities are completed?
An e-Insurance account will be opened within 7 days from the date of submission of application complete in all respects. Once, an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/e-Insurance account holder.
If I already have an e-Insurance account, how do I buy a new policy in electronic form?
Once you have opened an e Insurance Account, to buy a new policy in electronic form, you just need to quote your unique e-Insurance account number in your new insurance proposal form and make a request to issue policy in an electronic form.
Which are the insurance policies that can be held in electronic form?
All Life insurance, Health insurance, General insurance & Annuity policies that are issued by registered insurance companies with IRDA and who have signed up with the Insurance Repositories are eligible to be held in the electronic form.
What are the charges for maintaining policies in electronic form?
All the services provided by Insurance repositories are FREE of charge.
Is it possible to shift from one Insurance repository to the other?
Yes, the e-Insurance account holder will have an option to shift from one Insurance Repository to the other. All the policy details and transaction history would then be transferred to the new Insurance repository.