Say goodbye to the paperwork hassles that may arise when you manage your life insurance policies manually. Switch to the electronic insurance and manage all policies digitally at a single place. Currently, only life insurance and pension plans can be stored electronically.
Here are some things that you need to know about the electronic insurance account (EIA).
What is Electronic Insurance Account?
The electronic insurance account or e-insurance account stores life insurance policies in the electronic format. Your entire portfolio is accessible with a click of the mouse.
How e-Insurance Account works?
Much like demat or bank account, you have a service provider who opens an insurance repository to store your policies. This acts as the central storage place for all your insurance policies. You can also store the insurance policies of different insurers in the same account.
IRDAI has authorized 5 repositories to open an e-insurance account. These authorities maintain the data of insurance policies on behalf of the insurers. You can choose any of the following repositories to open an account.
Note:- An individual can’t hold multiple e-insurance accounts.
How to open an E-Insurance Account?
To open an e-insurance account, fill and submit an application form to the insurance repository you have selected along with the necessary documents such as address proof, identity proof and cancelled cheque. The account will be opened within 7 days of the receipt of the application form. Once the account is created, you will get a welcome kit. Your pin number shall be sent separately.
How to make changes in the insurance policy?
The insurance repository is your single point of service, so submit your request to it to make changes. If the change is at the account level (contact or address details), the repository will execute it after the due verification and then inform the insurer. To make changes at the policy level, (sum assured or nomination) the repository is expected to forward the request to the respective insurer and ensure the changes are also updated in the e-insurance account.
What are the benefits of e-insurance account?
When you store your policies in the electronic form, you don’t run the risk of losing your insurance documents. As all details are available at one place, it becomes easy to track the information. Also you can pay premiums for different policies at one point by login to your account. With the repository as your single point of service, updating details such as address, phone number and email id becomes more convenient and fast. You will be relieved from the tedious job of going through the piles of paper.
How much e-insurance account costs?
For policyholders, it is a free service. Also no fee is charged for converting an existing physical policy into demat form. The insurance repositories are paid directly by the insurance companies whose policies are held in the repository.
How to buy a new insurance policy through e-insurance account?
Buying a new policy becomes a hassle-free experience if you have an e-insurance account. Quote your unique e- insurance account number in your new insurance proposal. Since KYC documents had already been submitted, the insurer won’t repeat the entire process, provided there has been no change in the information. The policy will show in your account once it is issued.