What Are The Features And Benefits of E-Insurance Accounts?
People might keep a folder for all important documents, to have them handy whenever needed. With technological advancement, you can do the same now digitally. The significant benefit of having digital access to your essential documents is that they are readily available to you.
One of the set of important documents you may need to keep secure are your insurance policy papers. Here is where the features of an e-insurance account come into view. An electronic insurance account allows you to access all your insurance-related documents, as well as any information regarding the same. It means you can access all the details of your insurance portfolio at one place.
If you have life insurance, getting an e-insurance account might be preferred to have things handy. Before we dive into the features of e-insurance and its benefits, let’s look at what e-insurance is.
What is e-Insurance?
E-insurance account is like a repository where you can manage all your insurance policies digitally. When you open an electronic insurance account, it stores the documents of your insurance policies as soft copies. You can access the account anytime by simply entering your login credentials.
It is important to know that there is no charge1 for opening an e-insurance account.
If you are still contemplating about opening an e-insurance account, read further to know the features and benefits of an e-insurance account.
Features of E-Insurance
There is a range of features of e-insurance that a policyholder may find useful. Here’s a look at them:
- One policyholder can hold only one e-insurance account
- With multiple policies, you can find all your policies in the same account
- Your e-insurance account stores several policies. The account includes your life insurance, health insurance, car insurance, or any other insurance that you may have.
- When you open the e-insurance account, you get a unique account number. This number is useful for all future correspondence2.
- When you create an e-insurance account, you get a unique login ID and password.
Benefits of an e-insurance account
The features of e-insurance reflect how simple and easy it is to use. Further, there are several benefits of e-insurance too, which a policyholder gets. Having an e-insurance account may be quite helpful, especially if you have several insurance policies from different insurance providers.
Here are some of the underlying benefits of an e-insurance account:
● Statement of Accounts
The insured person receives a statement of account atleast once a year from the insurance repository with details of all the insurance policies held by him/her3.
● You need KYC only once
When you open an e-insurance account, you need to submit your KYC documents only once. After doing so, you do not have to submit the same documents whenever you buy a new insurance policy in the future. Instead, you can mention your e-insurance account number4 to buy a policy.
● User-friendly service
Over the years, people often move to different places or have new contact information. You can update these changes to your policy on the e-insurance portal. Doing so online might be easier than going to the branch and doing it physically. Having an e-insurance account allows you to change your details anytime with a click of a button.
● Offers a consolidated view
One of the prominent benefits of e-insurance is that you have all your policy related documents at one place. You get a consolidated view of all the insurance policies in a single account. It allows you to track and access your insurance policies whenever required.
Easy to convert old insurance policies
If you have an old insurance policy, you have an option to convert them into an e-policy.
The policyholders who wish to avail the facility of electronic insurance policy may register
- Their choice with the insurer
- Paperless environment
Another one of the key benefits of an e-insurance account is that it helps creating a paperless environment. Having your documents online allows you to promote an environment-friendly approach while being efficient.
● Keeps your policy secure
Your policies are safer in your e-insurance account. You do not have to worry about losing your policy papers or causing any damage to the policy documents. You can be rest assured that you have the policy papers readily available, in digital format.
You should note that one can create the unique e-insurance account number, only once. An individual can have only ONE e Insurance Account across Repositories5.
References:
1https://www.policyx.com/health-insurance/articles/electronic-insurance-account/
2https://www.policybazaar.com/health-insurance/general-info/articles/5-points-to-know-e-insurance-accounts/
3https://www.irdai.gov.in/admincms/cms/LayoutPages_Print.aspx?page=PageNo2061
4https://www.policybazaar.com/health-insurance/general-info/articles/5-points-to-know-e-insurance-accounts/
5https://www.moneycontrol.com/glossary/insurance/can-policy-holders-have-multiple-e-insurance-accounts-if-they-have-multiple-insurance-policies-issued-by-various-insurance-companies_4200.html?classic=true
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