E Insurance Account

Overview on e-Insurance

 

With the advent of technology and its rapid development, things have become simplified. Nowadays, many activities can be done with some simple clicks of a button. Moreover, the Internet has become a popular tool across households which has resulted in a growth of online activities. Even when it comes to insurance, the online medium is allowing customers to buy or renew policies online, raise claims and service their policies electronically. This is the whole concept of e-insurance or electronic insurance.

 

Features of e-insurance

 

Some of the salient features of e-insurance are as follows:

• You can service insurance policies online using an active internet connection
• Policies can be managed through a Smartphone or a computer
• Many insurance companies allow the online facility for policy servicing and purchase
• 4. e-Insurance may be convenient and quick

 

Overview of e-Insurance Account

 

While buying and servicing insurance policies electronically, the facility of storing your policy documents in digital form is available. This is where the e-Insurance account or the electronic insurance account comes into the picture. The e-insurance account allows you to store your insurance policies at one place in format. You can convert the physical copies of your policies into digital form and store them in an e-insurance account.

 

Features of an e-Insurance Account

 

Some of the salient features of an e-insurance account are as follows¹ –

• Each e-insurance account comes with a unique account number and a user ID and password to log into the account
• One individual can have one e-insurance account only
• You can open an e-insurance account with any authorised insurance repository approved by the Insurance Regulatory and Development Authority of India (IRDAI). Alternatively, you can open an e-insurance account with the insurance company or an Approved Person as designated by the insurance company.
• An Approved Person is one appointed by the insurance repository to provide the services of opening the e-insurance account
• The account opening process is free of cost
• All types of insurance policies can be stored in the e-insurance account in digital format
• You can convert your physical policies into digital format and store them in the e-insurance account
• When buying a new insurance policy, you can provide your e-insurance account number and the insurance company will send your digital policy to the account

 

Benefits of e-Insurance accounts

 

Some of the common benefits of having an e-insurance account are as follows¹ :

1. Easy storage

The e-insurance account eases the process of storing your insurance policies in a digital format. The account acts like a storage space for your insurance plans and offers convenience.

2. No risk of theft, damage or loss

As your policies are stored in an electronic format, there’s no danger of the documents being stolen, damaged or lost.

3. Ease access

You can access your insurance portfolio by simply logging into your e-insurance account. Just enter the user ID and password and check all your policies instantly, at any time and from anywhere.

4. Facility to track your policies

The e-insurance account allows storage of life and non-life insurance plans. It becomes a one-stop destination to check your insurance portfolio. You can also check the primary details of your policies like the policy number, premium payment date, expiry date, benefits payable, etc. This allows you to track your existing policies and make changes if needed.

5. One account for all policies

Since all your policies are stored in one account you don’t have to manage them independently. You can simply log into the account and manage any policy that you want.

6. Easy servicing

Making service requests on your insurance policies also becomes easier with an e-insurance account. You can make alterations to your policies and even pay the premiums online through the account.

 

How to Open an e-Insurance Account?

 

Different repositories have different account opening processes. However, the steps are more or less similar. Here are some common steps needed to open an e-insurance account¹ –

• You will have to fill up an application form for opening the e-insurance account. The form may be available with the insurance company, repository or an Approved Person as specified by the IRDAI²
• Submit the relevant documents with the application form.

The insurance repository, Approved Person or insurance company will process the form and the documents. If the verification is successfully done, the e-insurance account will be opened.

 

Documents needed for opening an e-Insurance account

 

The following documents are needed to open an e-insurance account^{2 –}

• A photo identity proof like an Aadhaar Card
• Recent passport-sized photographs of the individual
• A valid address proof which can be any one of the following –
  • Passport
  • Ration card
  • Aadhaar Card
  • Voter’s ID Card
  • Bank’s passbook which should not be older than 6 months
  • Driving license
  • Verified copies of the registered rent agreement, electricity bill or telephone bills not older than 6 months
  • A self-declaration issued by Supreme Court or High Court judges citing the new address
  • Any type of ID card or document issued by statutory or regulatory authorities, Central or State governments or their respective departments, scheduled commercial banks, PSUs (Public Sector Undertakings), colleges which are university affiliates, public financial institutions or professional bodies like the ICWAI, ICAI, Bar Council, etc.
• A copy of cancelled cheque if you want to pay premiums digitally through the e-insurance account using the ECS or NEFT facilities

 

How to opt out of the e-Insurance Repository?

 

If you want, you can delete your e-insurance account and opt out of the insurance repository’s services. To do so, you have to submit a request to the insurance company. The insurance company would guide you through the process of opting out of the insurance repository. Follow the specified process and your policies will be converted to physical documents².

 

Conclusion

 

An e-insurance account is a game-changer when it comes to storing your insurance policies in one place. With its digital platform, it saves space of storing physical policy documents and is also accessible on the go. Moreover, your policies are safe from damage or loss and you can service them conveniently. The free-of-cost aspect of the account is an added bonus. So, open an e-insurance account online and convert your policies into electronic format for convenient storage.

 

FAQs

 

1. Is e-insurance secure?

Yes, the e-insurance account is secure as insurance repositories use security measures to keep your data safe.

2. What is an e-Insurance account application form? Where can it be obtained from?

An e-Insurance account application form is utilized by individuals to initiate an e-insurance account with the Insurance Repository, obtainable through the Insurance Company, Insurance Repository, or an Approved Person².

3. Can I open an e-Insurance account without having a life or non-life policy for my own self?

Yes, individuals without any existing insurance policies can indeed establish an e-Insurance account. Following the purchase of a policy, the policyholder can submit a dematerialization request to either the Insurer, Insurance Repository, or an Approved Person².

Reference

1. https://irdai.gov.in/irs

2. https://irdai.gov.in/faq-on-insurance-repository

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