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E-Insurance: Everything You Need to Know

E-Insurance: Everything You Need to Know

Technology has made our lives easier. Today you can do everything at the click of a button whether you want to buy, invest, get a loan or connect with your loved ones. Technology has revolutionized the way we live our lives and the world is gradually shifting to a digital age when everything would be accessible online. Even in the case of insurance, the online medium has made buying insurance policies easier and simpler. Today, you can buy all types of insurance plans online through your Smartphones or computers. These online insurance policies are called e-insurance policies and they provide you instant coverage. Moreover, to keep up with the advancing digital age, you can also store your insurance policies online in an e-insurance account. Do you know what it is and how it works?

What is an e-insurance account?

An e-insurance account is an online depository account which acts as a vault for your insurance policies. It is also called eIA or Electronic Insurance Account. Your insurance plans can be stored in soft copy in your e-insurance account. You can then access the details of your existing insurance policies by logging into your account and checking them.

What are the e-insurance policies?

The policies which are stored in the e-insurance account are called e-insurance policies.

Features of e-insurance accounts

E-Insurance accounts have the following salient features –

  1. The accounts can be opened easily through any of the approved repositories in India
  2. You can store the insurance policies of your whole family in the account
  3. The account can be used to store any type of insurance that you buy for yourself and your family
  4. You can have only one e-insurance account in your name
  5. There is a unique number allotted to your e-insurance account. This number helps in identification of the account and can be used for any type of correspondence with the insurance company
  6. When you buy a new insurance policy, you can provide the insurance company with your existing e-insurance account number and the company would send a copy of the policy to your account
  7. Your e-insurance account would have a unique user ID and password using which you can log into your account any time that you want to access your insurance policies
  8. Opening of the account is completely free of cost

Top #7 Benefits of an e-insurance account

An e-insurance account is a futuristic way of storing your insurance policies in one place. It provides various benefits which are as follows –

  1. Since the policies are stored in an electronic format in the e-insurance account, they are safe from being lost, damaged or stolen
  2. You would be able to access your e-insurance account anytime, anywhere by simply logging in to it. Thus, the information of your insurance policies would be at your fingertips, literally, as you can check the relevant details whenever you want. This is extremely helpful in case of claims when you require the policy number and policy details to register the claim immediately
  3. Your e-insurance account is opened after your KYC verification has been done. As such, whenever you buy a new insurance policy, you don’t have to submit your KYC documents every time. You can simply quote your e-insurance account number and the insurance company would be able to access your KYC details online. This reduces unnecessary paperwork and helps you buy a policy easily
  4. The e-insurance account is very convenient and flexible as it allows you to store every type of insurance policy that you buy for yourself as well as your family members
  5. Online premium payments can also be done easily through your e-insurance account
  6. You can monitor, review and track all your insurance policies easily and conveniently as they are stored at one place
  7. In case of a change in the contact details or address, you can update your e-insurance account and the change would automatically be recorded in your insurance policies as well

How to open an e-insurance account?

If you want to open an e-insurance account, the process is simple. You would have to approach any one of the approved insurance repositories for opening the account. The Insurance Regulatory and Development Authority of India (IRDAI) has approved four companies to act as insurance repositories for the opening of e-insurance accounts. They are as follows –

  1. Karvy Insurance Repository Limited
  2. CAMS Repository Services Limited
  3. NSDL Database Management Limited
  4. Central Insurance Repository Limited

After you choose the preferred repository, the process to open an e-insurance account is as follows –

  1. Download the form for opening the e-insurance account. This form can be availed from the chosen insurance repository, an insurance company or from an Approved Person.
  2. You would have to fill-up the form and submit it along with the required set of documents
  3. The submission of the form and the documents would have to be done at the nearest office of the chosen repository
  4. Once all the documents are submitted and they are verified, you would be issued a user ID and password with which you can register your e-insurance account

Documents required for opening e-insurance accounts

To open your e-insurance account, you should submit the following documents –

  1. Your recent, coloured, passport-sized photograph
  2. A cancelled cheque of your bank account which contains the details of the bank and your bank account number
  3. Self-attested copy of your identity proof like your Voter’s ID Card, PAN Card, Passport, etc.
  4. Self-attested copy of your address proof like utility bills (not more than six months old), driving license, passport, Aadhar Card, etc.
  5. Self-attested copy of your age proof like Voter’s ID Card, Aadhar Card, Passport, birth certificate, etc.

So, what are you waiting for? Create an e-insurance account and store all your policies in one place. It is convenient, easy and even free of cost. Once stored you would have all your insurance-related details at your disposal without having to search for them. Wouldn’t it be great?

Frequently Asked Questions:

  1. Who is an Approved Person?
    An Approved Person is an individual who has been appointed and authorised by the insurance repository to provide services of opening e-insurance accounts to interested individuals.
  2. I don’t have any insurance policy. can I still open an e-insurance account?
    Yes, you can. Having an existing insurance policy is not a criterion for opening an e-insurance account. The account can be opened by anyone whether or not they have bought insurance.
  3. Can I store my commercial insurance policies also in the e-insurance account?
    Yes, you can store even commercial insurance plans in the e-insurance account as the account does not have any limitations on the types of insurance policies which can be stored in it.
  4. After submitting the documents, how long would it take for the account to be opened?
    The e-insurance account would be opened within 7 days of submission of the opening form and the relevant documents.
  5. Can existing policies be converted to e-policies and stored in e-insurance account?
    Yes, you can ask the insurance company to convert your existing insurance policies to e-insurance policies and store them in your e-insurance account.
  6. What would happen to the e-insurance account if I die?
    When you open an e-insurance account, you would have to appoint an authorized representative who can access your account in case of your death. The name of the representative should be mentioned in the account opening form. If you die, the authorized representative would be able to access your e-insurance account and get the details of your insurance policies.

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