What Is An E-insurance Account?

Imagine one destination where you can access all your insurance policies safely anytime, from anywhere. That is what an e-insurance account is. You can house multiple policies in one digital account and access them with just a few clicks under an IRDAI-authorized insurance repository.

traordinary Facts

According to Plum, an average Indian household is one serious medical incident away from slipping into poverty. But, what is the point of sharing this information? Well, data says CAMS Insurance Repository Services announced servicing over 1 crore policies in the electronic format

What Is an Insurance Repository?

Insurance Repository is a company registered under the Companies Act of 1951. IRDAI grants the repository a certificate of registration to maintain insurance policy data on behalf of insurance providers in India.

Currently, IRDAI has provided 4 companies to function as insurance repositories in India who are in turn authorised to open an eIA or electronic insurance account.

• NSDL Database Management System
• Central Insurance Repository Limited
• Karvy Insurance Repository Limited
• CAMS Repository Services Limited

Benefits Of E-insurance Account

Important benefits associated with e-insurance account that you must know are:

1. Access Your Insurance From Anywhere

   Your eIA insurance account helps you access all your insurance policies from your electronic device, regardless of your location. It is an efficient and secure way to take advantage of policy benefits even if you do not have your policy card with you.

2. One-time KYC

   You are required to submit your KYC documents one time, at the beginning of opening an e-insurance account. A unique e-Insurance Account number will be assigned to you, which you can provide at the TPA desk and you are good to go.

3. Hassle-free Premium Payment

   As your e-insurance account is completely digital, you do not need to worry about cash or cheque payments for your health insurance premiums.

4. Keep Track Of All Your Policies

   You can keep track of all your insurance policies with an e-insurance account even if they are different health insurance plans from various insurers.

5. Quick And Secure

   All your insurance policies are tucked under your electronic insurance account allowing you not only quick accessibility but keeping all policy details safe.

KYC Documents Required for E-insurance

The KYC documents you will need in case you want to open an E-insurance account are:

• Passport size photo
• A cancelled cheque
• Identity proof like Aadhaar card, driving license, or Voter ID

How To Open an E-insurance Account?

Once you have secured all the necessary KYC documents follow these steps:

• Select a preferred insurance repository from the 4 options mentioned above (under What Is an Insurance Repository?)
• Download their e-insurance account form available on the official website
• Fill in all the details and provide self-attested KYC documents
• Submit them online
• You can also connect with PolicyX insurance experts to guide you through the entire process or for any other related information
• Your eIA or electronic insurance account will be ready within 7 days from the date of submission of your application.

Conclusion

E-insurance accounts are relatively new but are successful proof of how Indians have accepted digitalization. The government of India along with IRDAI has launched multiple initiatives and directions to mandate electronic issuance of insurance policies securely. This new-age tool is a solution to securely navigate through the insurance complexities.

In this article, we have introduced you to the features, benefits, and IRDAI-regulated insurance repositories. For detailed insights on electronic insurance accounts and how they can benefit you connect with our insurance experts on a 30-minute personalized call.

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