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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.
Some of the benefits of holding Insurance Policies in electronic form are:
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.
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