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e-Insurance Account

e-Insurance Account

e-Insurance Account

What is an e-Insurance Account or eIA?

e-Insurance Account or (eIA) is an electronic insurance account opened by a person with an insurance repository wherein the insurance policies of a policyholder are held in an electronic form.

It is a simple, yet effective way to manage life insurance policy/policies. This feature, introduced by the Insurance Regulatory and Development Authority of India (IRDAI), helps the policyholder store and access policies in a digital format, and be able to access it anytime and from anywhere. Furthermore, in this single account the policyholder can store all their insurance policies, and access them whenever they may need. All this is free of cost.

Each e-Insurance Account has a unique account number, log-in ID and password, thereby ensuring the account access is available only to a single policyholder.

What are the benefits of e-Insurance Account?

Safety:
- No risk of loss or damage as is common with paper policies
- Provides alerts on transactions/modifications

Convenience:
- Anytime/anywhere access to digital policy/policies
- Single view for all policies

Less Paper work:
- Submit KYC documents only once for all your insurance policies

How do you open an e-Insurance Account?

IRDAI has provided the Certificate of Registration to certain entities to operate as Insurance Repositories (IR) that are authorised to open e-Insurance accounts for customers. To open an e-insurance account, you can make a request directly to any one of the following four IR entities or to Bajaj Allianz Life:

M/s CAMS Insurance Repository Services Limited
M/s NSDL Database Management Limited
M/s KARVY Insurance Repository Limited
M/s CDSL Insurance Repository Limited

How do New Customers open an e-Insurance Account?

•At the time of purchasing a new policy through digital journey you need to simply provide your consent in the e-Insurance Account portion of the new business application form.

•For physical journey you need to submit a separate application form for e-Insurance Account along with new business application form.

•Once e-Insurance Account is created, the chosen Insurance Repository will send details to you via email. Bajaj Allianz Life will not send any email with these details.

•In case you already have an e-Insurance Account, you need to mention the e-Insurance Account details at the time of submitting new business application form.

Existing Policy Holders

As an existing policyholder if you wish to open an e-Insurance Account, all you need to do is send an email request to Customer Care from your registered email ID.

Forms and Guidelines

e-Insurance Account application forms:

What are the mandatory documents required for opening of an e-Insurance Account?

Proof of Identity and proof of address is required to open an e-Insurance Account

Proof of Identity (any one of the following)

  • PAN
  • Aadhaar Number

Proof of address is required only if PAN is provided as identity proof

 

 

What are the charges for opening an e-Insurance Account?

There are no charges for opening an e-Insurance Accout.

Can a policy holder hold more than one e-Insurance Account?

No, a policy holder can only have one e-Insurance Account.

Can a policy holder shift from one IR to another?

Yes, the policy holder has the option to shift from one IR to another. However, to do so they must close the existing account and then open a new one with the new IR.

How will the policy holder receive the login credentials?

The policy holder will receive the login credentials from the Insurance Repository.No email will be sent by Bajaj Allianz Life to the policyholder.

What does a policy holder do to make any changes in the e-Insurance Account records? Should the policy holder submit a request to the insurance company or insurance repository?

Policy holder can place request for changes with the Insurance Company or with the Insurance Repository.

How can I retrieve my user-id or password in case I forget it?

You can login to the insurance repository link with whom your e-Insurance Account is created and follow the process mentioned there.

Can a minor open an e-Insurance Account?

An eIA account can be opened for a minor by his legal and natural guardian, who proposes the life of minor for taking an insurance policy.

Who is an Authorised Representative (AR)?

An Authorised Representative is a person who is appointed by an e-Insurance account holder to operate his/her e-Insurance account in case of an unfortunate demise or incapability of e-Insurance account holder. A person aged more than 21 years shall be eligible to be appointed as an Authorised Representative.
The Authorised Representative would only act as a facilitator and is not entitled to receive any policy benefits unless designated as a nominee or an assignee by the deceased policyholder.

Can I change my Authorised Representative?

Yes, the Authorised Representative can be changed by making a request to the Insurance Repository.

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