An insurance repository system was formally launched on 16th September 2013. It enables policyholders to keep all their insurance policies in electronic form. This also facilitates undertaking changes, modifications and revisions in the insurance policy efficiently. The repository system also brings about efficiency, cost reduction and transparency in the issuance and maintenance of insurance policies.
What is an e-Insurance Account?
An electronic insurance account is an electronic account opened by a person with an insurance repository wherein his portfolios of insurance policies are held in an electronic form. The most beneficial feature of an e-insurance account is that one can access all of their insurance policies at a single place, in a matter of a few clicks.
Each e-insurance account is connected to a unique number, also called the eIA number. Once this number has been created, it cannot be altered or modified. Further, during the registration of an electronic insurance account, one must provide KYC details. When buying a new life insurance policy, one must enter the eIA number when filing their proposal form. This eliminates the need to provide KYC details with every purchase.
Presently, the following four entities2 have been authorised to act as Insurance repositories:
- NSDL Database Management Limited
- Central Insurance Repository Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited
How to Open an e-Insurance Account3?
The process of how to open an e-insurance account is a simple one, comprising two steps, which are:
Step 1: Fill out the eIA form and attach KYC
Visit the repository’s website to download the form. Fill out the eIA form, correctly mentioning your address, contact details, bank account information, and so on. You will also have to mention the details of the person you wish to designate as the Authorised Representative. Once all the details are filled out, attach the required KYC documents.
Step 2: Submit the form
The another step in how to open an eIA account includes the submission of the filled-out form. If applying online, you can submit it online itself on the repository’s website. For offline mode, you can submit the form via an Approved Person (appointed by the insurance repository). The repository will then verify the details and open your e-insurance account.
The insurance repository will then provide you the welcome kit, alongside the login credentials for accessing your account.
KYC Documents Required4?
The process of how to open an eIA account is incomplete unless you have submitted the KYC documents like identity proof, address proof, proof of date of birth, among others. You can visit the insurance repository’s website for a detailed list of the acceptable KYC documents under each category.
Benefits of Opening an e-Insurance Account5
Once you know about an e-insurance account, you should also know the benefits of having one. Opening an e-insurance account can ease your insurance buying and managing journey to a great extent. Some of the key benefits you can enjoy are:
• Access to all policies
With one e-insurance account, you can access all your insurance policies in one place. It makes the processes related to policy servicing, relatively easy.
• Keeps them safe
Storing your insurance policies in your eIA also means that they are safe from physical theft or loss. The repository provides secure payment gateways that ensure the data you enter is inaccessible to unethical parties.
• Easy Service
You can easily make changes to details like addresses, contact details, etc. for all your policies through eIA.
• Premium Payments
eIA also facilitates premium payment online for your policies.
A life insurance policy can be a significant aspect of living a financially secure life. The emergence of e-insurance can help old and new life insurance policyholders have a more comfortable and convenient experience with their insurance journeys.
Reference Links:
1https://www.mckinsey.com/~/media/mckinsey/industries/financial%20services/our%20insights/time%20for%20insurance%20companies%20to%20face%20digital%20reality/digital-disruption-in-insurance.ashx
2https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo2054&mid=9.7.1
3https://nir.ndml.in/e-insurance-account-opening-policy-conversion-process.html
4https://nir.ndml.in/e-insurance-account-opening-policy-conversion-process.html
5https://www.insurancedekho.com/health-insurance/articles/everything-you-should-know-about-e-insurance-accounts-121
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