What is an E-Insurance Account?
An e-insurance account is a solution for you.
Let me explain what E-insurance account is?
"An E-insurance Account or Electronic Insurance Account or eIA is like a depository to keep your insurance policies in the electronic mode. It enables you to maintain documents of all your or your family's life insurance, general insurance, health policies etc in one place."
With an e-insurance account, you can access your insurance portfolio at a few clicks. This saves you from unnecessary paperwork and safeguards your records in case you lose your policies. The best part is that you can access insurance policies anywhere, anytime in seconds without any restriction.
Let us discuss how you can open an e-insurance account. We will also look at its features and benefits.
Procedure for Opening an E-Insurance Account
Opening an e-insurance account is not hard. You can open it with any one of the four insurance repositories approved by IRDAI or through your insurance company.
There are four entities that have got the Certificate of Registration from IRDAI to act as Insurance Repositories. These entities are:
- CDSL Insurance Repository Limited
- NSDL National Insurance Repository (NIR)
- CAMS Repository Services Limited
- Karvy Insurance Repository Limited
These entities are authorized to open e-Insurance Accounts. Here are the easy steps to open an account.
- Choose your preferred Insurance Repository.
- Download the eIA opening form.
- Fill up this form.
- Attach self-attested KYC documents, including copies of identity proof, date of birth proof, and address proof.
- Provide personal details, bank details with a cancelled cheque, and contact details.
- Affix a recent passport size photograph to the form.
- Submit the completed form to your insurance company.
Note: KYC documents are not required when opening the account through an insurance provider. The insurer will send your KYC details to the repository.
Who is an Authorized Representative?
An authorized representative is the person appointed by the account holder. Only a person more than the age of 21 days is eligible to be appointed as an authorized representative. In the absence or demise of the account holder, or if the account holder is incapable of accessing the account, the authorized person can access the e-insurance account.
Therefore, it is a must for you to mention the contact information of an authorized representative.
Documents Needed for Opening an E-Insurance Account
The following documents need to be submitted in order to open an e-insurance account:
- A cancelled bank account cheque showing your bank account number and relevant bank details.
- A latest passport-size coloured photograph.
- A self-attested identity proof copy such as your PAN card, voter ID card, or passport.
- A self-attested age proof copy such as a voter ID card, passport, or birth certificate.
Things to Know about E-Insurance
It is essential to know that there is no charge for opening an e-insurance account.
The authorized representative you choose can only access the e-insurance account to know the portfolio of insurance policies.
Features of E-Insurance Accounts
There are some key features of an e-insurance account:
- You can hold only one e-insurance account.
- You can keep all policies, even from multiple insurers, in a single account.
- All electronic insurance policies, whether pension, life, health, or general, can be stored in the same account.
- Once you open an account, you will get a unique number for future assistance and queries.
- You will also get a unique login ID and password.
Note: When you buy online health insurance, you just need to enter your unique e-insurance account number in your proposal form and send it to the insurance provider with a request to issue the policy in electronic format.
Benefits of E-Insurance Accounts
The benefits of an e-insurance account are manifold. The account plays an effective role, especially when different types of insurance policies are purchased from different insurers.
- Protection and Safety: When you store your policies online, they remain safe and secure. You do not need to worry about losing them or damaging the original policy documents.
- Single Consolidated View: You can view all the documents online using several devices and track a variety of insurance policies.
- No Need to Resubmit KYC Details: Once you submit KYC documents and hold an e-insurance account, you do not have to resubmit KYC details for future policies.
- Paperless Environment: Choosing the electronic mode saves paper and promotes an environment-friendly atmosphere.
- Better Monitoring: The e-account enables alerts for policy renewal and premium deadline reminders.
- User-friendly: One e-insurance account is sufficient to purchase different insurance plans from a variety of insurers.
- Easy Premium Payments: The e-insurance account enables you to pay your premium online after the e-account becomes active.
- Easy Service: As an account holder, you can easily make changes in contact details and addresses for all policies, and you can change the insurance repository if needed.
- No Insurance? No Worry: Even if you have no insurance policy, you are still eligible to open an e-insurance account.
- Easy to Convert Old Policies: If you have an old policy, you can easily convert it into an e-policy and store it in your e-insurance account.
How to Opt out of the Insurance Repository?
If you wish to drop out from the e-insurance repository, you are required to submit the request in writing to the respective insurance provider. After making all the required changes, the insurance provider will provide an intimation receipt within 5 working days. Once all conditions are met and payment is made, a hard copy will be provided to you stating that you have opted out.
Over to You
You are now aware of the benefits of an e-insurance account. It is up to you to opt for it or not. However, many people are choosing e-insurance and enjoying its benefits these days.
Frequently Asked Questions (FAQs)
Q1. How to open an e-insurance account?
Opening an e-insurance account is not difficult. Download the e-insurance account opening form of your preferred repository, fill it in, attach a self-attested copy of your KYC documents, and submit the form with the documents to the insurance repository.
Q2. Who is an approved person?
An approved person is an individual who has been appointed and authorized by the insurance repository to offer services such as opening an e-insurance account for interested individuals.
Q3. Can I still open an e-insurance account if I do not have any insurance plan?
Yes. Even if you do not have any insurance policy, you can still open an e-insurance account because that is not a criterion for opening one.
Q4. Am I allowed to store commercial insurance plans too in the e-insurance account?
Yes. Commercial insurance plans can also be stored in the e-insurance account because there is no restriction on the type of insurance plans that can be stored in it.
Q5. How long will it take for the account to get opened once I submit the documents?
Once you submit the documents, your e-insurance account will be opened within 7 days after submission of an application complete in all respects. A welcome kit with operating details will then be sent to the applicant.
Q6. Can my existing plans be converted to e-policies and stored in my e-insurance account?
Yes. You can ask your insurance company to convert your existing insurance plans to e-insurance plans and store them in your e-insurance account.
Q7. What will happen to my e-insurance account in case I die?
When you open an e-insurance account, you appoint an authorized representative who can access your account if you die. You are required to mention that name in the account opening form.