Everything You Should Know About e-Insurance Accounts

Wondering how to maintain all your insurance policies in one place? No doubt, it’s tough to maintain insurance policy papers (be it health insurance, life insurance, general insurance, etc.) of all family members with different covers. But, you can make it easy.

What is an E-Insurance Account?

An e-insurance account is a solution for you.

Let me explain what E-insurance account is?

“An E-insurance Account or Electronic Insurance Account or eIA is like a depository to keep your insurance policies in the electronic mode. It enables you to maintain documents of all your or your family’s life insurance, general insurance, health policies etc in one place.” With an e-insurance account, you can access your insurance portfolio at a few clicks. This saves you from unnecessary paperwork, and safeguards in case you lose your policies. The best part is that you can access insurance policies anywhere, anytime in seconds without any restriction.

Let’s read this article and discuss how you can open an e-insurance account. We will also try to know its features and benefits.

Procedure for Opening an E-Insurance Account

Opening an e-insurance account is not a ‘hard nut to crack.’ You can open it with any one of the four insurance repositories approved by IRDA or through your insurance company.

There are four entities that have got the ‘Certificate of Registration’ from IRDAI to act as ‘Insurance Repositories.’ These entities are:

1. CDSL Insurance Repository Limited
2. NSDL National Insurance Repository (NIR)
3. CAMS Repository Services Limited
4. Karvy Insurance Repository Limited

These entities are authorized to open e-Insurance Accounts. Here are five easy steps to open an account.

1. Choose your preferred Insurance Repository
2. Download the eIA opening form
3. Fill up this form.
4. Attach self-attested KYC documents, which include copies of identity proof, date of birth proof, and address proof.
5. Provide personal details, bank details (a cancelled cheque), and contact details.
6. A recent passport size photograph should also be affixed to the form.
7. Once you’re done, submit the form to your insurance company

Note: KYC documents are not required when opening the account through an insurance provider. The insurer will send your KYC details to the repository.

Who is an Authorized Representative?

An authorized representative is the person who is appointed by the account holder. Only a person more than age of 21 days shall be eligible to be appointed as an Authorised Representative. In the absence or the demise of the account holder or if he or she is incapable of accessing the account, the authorized person can access the e-insurance account.

Therefore, it is a must for you to mention the contact information of an authorized representative.

Documents needed for Opening an E-Insurance Account

The following documents needs to be submitted by you in order to open an e-insurance account:

• A cancelled bank account cheque, consisting of your bank account number and other relevant bank details.
• A latest passport size coloured photograph
• A self attested identity proof copy such as your pan card, Voter ID card, passport, etc.
• Copy of age proof( should be self-attested) such as voter id card, passport, birth certificate etc.

Things to Know about E-Insurance

• It is essential to know that there is no charge for opening an e-insurance account.
• The authorized representative you choose can only access the e-insurance account to know the portfolio of insurance policies.

Features of E-Insurance Accounts

There are some features of an e-insurance account. Here are some of them.

• You can hold only one e-insurance account.
• You can keep all the policies, even from multiple insurers, in a single account.
• All electronic insurance policies, be it a pension, life, health or general, can be stored in the same account.
• Once you open an account, you will get a unique number for future assistance and queries.
• You will also get a unique login ID and password.

Note: When you buy an online health insurance, you need to just insert your unique e-insurance account number in your proposal form and then send it to the insurance provider with a request to issue the policy in an electronic format.

Benefits of E-Insurance Accounts

The benefits of an e-insurance account are manifold. The account plays an effective role, especially if different types of insurance policies are purchased from different insurers. Below are some of the benefits:

• Protection and Safety

When you store your policies online, they remain safe and secure. You need not worry about losing them. Also, there is nothing to worry about the damage of the original policy documents, as they will be available in a secure electronic format.

Single Consolidated View 

The e-insurance features a ‘single consolidated view.’ That means you can view all the documents online using several devices and track a variety of insurance policies.

• No Need to Resubmit KYC Details

Once you submit KYC documents and hold an e-insurance account, you don’t have to resubmit the KYC details for buying new insurance policies in the future. Instead, just mention the online insurance account number and the policy will be issued to you.

• Paperless Environment

One of the most crucial benefits is the paperless environment. When you opt for the electronic mode, you save papers and promote an environment-friendly atmosphere.

Better Monitoring

The e-account enables you to receive alerts for policy renewal and premium deadline reminders. Thus, you can monitor your policies in a better way and avoid any unwanted policy lapses.

• User-friendly

One e-insurance account is sufficient to purchase different insurance plans from a variety of insurers. Besides, you can access these policies anywhere, anytime at your convenience.

• Easy Premium Payments

Easy premium payment is another benefit of e-insurance accounts. The e-insurance enables you to pay your premium online after the e-account becomes active.

• Easy Service

As an account holder, you can easily make changes in contact details, addresses, etc. for all policies. Besides, you can change the insurance repository on being dissatisfied with the services.

• No Insurance? No Worry

Even if you have no insurance policy, you are eligible to open e-insurance account. So, don’t worry even if you have not bought any Insurance policy. You can still open an e-insurance account.

• Easy to Convert Old Policies

If you have an old policy, you can easily convert it into an e-policy and store in your e-insurance account without facing any problem.

How to Opt out of the Insurance Repository?

In case, you wish to drop out from the e-insurance repository, then you are required to submit this request in writing to the respective insurance provider. After making all the required changes, the insurance provider within 5 working days will provide an intimation receipt. Once all the conditions are met and payment is made, a hard copy will be provided to you by the company stating you have opted out.

Over to You

You’re now aware of all the benefits of an e-insurance account. It’s up to you to opt for it or not. However, many people are choosing e-insurance and enjoying its benefits these days.

Frequently Asked Questions (FAQs)

Q1. How to open an e-insurance account?

A: Opening an e-insurance account is not at all a difficult task. All you need to do is follow the step by step guide given below:

a. Download E- Insurance Account opening form of the Insurance Repository you prefer

b. Fill the form and attach a self-attested copy of your KYC documents

c. Submit the forms with the self-attested documents to the insurance repository

Q2. Who is an approved person?

A. An approved person is an individual who has been appointed and authorised by the insurance repository to offer services like opening an e-insurance account for the interested individuals.

Q3. Can I still open an e-insurance account if I don't have any insurance plan?

A: Yes. Even if you do not have any insurance policy, you can still open an e-insurance account as that is not a criterion for the same. So, no matter if you have an insurance plan or not, you can still open an e-insurance account. 

Q4. Am I allowed to store commercial insurance plans too, in the e-insurance account

A: Yes. You are allowed to add even commercial insurance plans in the e-insurance account. This is because the account does not have any restriction on the type of insurance plans to be stored in them.

Q5. How long will it take for the account to get opened once I submit the documents?

A: Once you submit the documents, your e-insurance account will be opened within 7 days after submission of application complete in all respects. Once, an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/e-Insurance account holder.

Q6. Can my existing plans be converted to e-policies and stored in my e-insurance account?

A: Yes. You can ask your insurance company to convert your existing insurance plans to e-insurance plans and store them in your e-insurance account. 

Q7. What will happen to my e-insurance account in case I die?

A: When you open an e-insurance account, you will be appointed an authorised representative who can access your account if you die. You are required to mention the name in your account opening form. If you die, then the authorised representative would be able to access your e-insurance account and details of insurance plans stored in it.