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Things You Must Know about an e-Insurance Account

Ever wished to have an account that could manage all the important documents of the insurance policies you and your family members hold?. Well, consider your wish granted as an e-insurance account does exactly that for you!

An Electronic Insurance Account or eIA is a repository that helps to manage your or your family member’s insurance policies by storing them in one place. Available in electronic mode, the insurance policies can be easily maintained and one can get access to them anywhere and at any time.

Features:

  1. You can only hold one single e-insurance account under your name.
  2. Each account is allotted a custom account number that can be used for future activities.
  3. All electronic insurance policies even of several insurers can be maintained under the account.

Procedure:

You can open an e-insurance account via an insurance company that has a tie-up with repositories or any of the four IRDA approved insurance repositories. They are:

  • NSDL Database Management Limited
  • Central Insurance Repository Limited
  • Karvy Insurance Repository Limited
  • CAMS Repository Services Limited
  • SCHIL Projects Limited

Here are a few steps to open an account

Step 1: Select your preferred Insurance Repository and then download the opening form.

Step 2: Provide the necessary details mentioned in the form and attach self-attested KYC documents.

Step 3: Submit the attested documents along with the form to the insurance repository.

Documents required to open an eIA account

  • Passport Size Photo
  • A Cancelled Cheque
  • KYC documents (Any One):
    Address Proof: Ration Card, Aadhar Card, etc
    Identity Proof: Voter ID, PAN card, Aadhar Card
    Date of Birth Document: Domicile Certificate, Passport, PAN card, etc

Benefits:

The e-insurance Account offers multiple benefits, a few of them are as follows:

1. Provides safety

The policies under the account are available in an electronic format. This grants you the leverage to be free of all the worries of losing an original document, theft, damage to the papers and more.

2. Effortless premium payment

Once your account is open and active, you can easily pay the insurance premium amount online. The payment can be easily done via the account rather than waiting in long queues for hours to pay the premium in cheque or cash.

3. Easy monitoring

A yearly statement of the account along with the details of the various policies held by you is shared by the insurance repository. The account also enables you to receive notifications for the renewal of policy and reminders for premium deadlines too. This makes monitoring an easy task for the insured individual.

4. No resubmission of KYC details

Once the KYC documents are submitted and the account is active, you aren’t required to submit the documents again for every insurance policy bought in the future. All you need is to mention the insurance policy account details and the policy will be issued.

5. Easy conversion of old policies

You can easily convert an old policy into an e-policy and add it into the account seamlessly. You can also open an account if you haven’t purchased any insurance policy.

Now that you’re aware of an e-insurance account, it’s now time for you to reap its benefits. Open an account today to avail yourself of convenience for the future.

Are you looking for a new insurance policy or a policy renewal? Reach out to us and let us assist you.

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