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  • No need to re-submit your KYC documents
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What is the e-insurance account (e-IA)?

e-IA stands for Electronic insurance account or e-insurance account. It is a repository where you can manage all your health insurance policies, life insurance policies, and other insurance policies in one place.

The e-insurance account offers a simple but effective way to keep track of your insurance policies. The Insurance Regulatory and Development Authority of India (IRDAI) introduced this feature to help policyholders to access policies in a digital format, which they can access at any time and from any location.

Policyholders can store all of their insurance policies in this single account and access them whenever they need them. Each e-Insurance Account will have a unique Account number, as well as a unique Login ID and Password to access the electronic policies online.

Let's take a look at this article and talk about how to get an e-insurance account. We'll also look into the features and benefits of electronic insurance accounts.

How do you open an e-Insurance Account?

You can open an e-insurance account with any of the following insurance repositories approved by IRDA or through your insurance company.

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

Below mentioned are the easy steps to open an e-insurance:

Step 1: Select your preferred Insurance Repository company.

Step 2: Download and fill the e-Insurance account opening form.

Step 3: Attach self-attested KYC documents, i.e. copies of identity proof, date of birth proof, and address proof.

Step 4: Provide personal details, bank details and a canceled cheque, and contact details.

Step 5: A recent passport size photograph.

Step 6: Submit the form to your insurance company.

Note: You don’t need to submit the KYC documents when the account is opening through the health insurance company. The insurer will send your KYC details to the repository.

Documents required for Opening an E-Insurance Account

Below-mentioned are the documents that are required to submit to open an e-insurance account:

  • A canceled bank account cheque, bank account number and other relevant bank details.
  • A latest passport size 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.

Note: You don’t have to pay any charges to open an e-insurance account.Only the authorized person can access the e-insurance account to know the portfolio of insurance policies.

What is an Insurance Repository?

The Insurance Regulatory and Development Authority Of India has authorized 4 different insurance repositories to store all the e-insurances of users in India namely

  • NSDL National Insurance Repository (NIR)
  • CDSL Insurance Repository Limited
  • Karvy Insurance Repository Limited
  • CAMS Insurance Repository Services Limited

Insurance Repository (IR) was formed by the IRDA under the Companies Act, 1956. The insurance repository came into existence for a better management of e-insurance accounts. The database gives an advantage by providing a streamlined service to policyholders. Insurance Repository companies have made it easy for insurance holders to access e-insurance accounts enabling holding insurance policies in electronic format. Individuals who have invested in e-insurance can make changes according to their requirements in their policies through insurance repositories. It also acts as a one-stop shop for all the requirements of an e-insurance account.

Who is an Authorized person?

An Authorized representative is a person who can access the e-insurance account in case of the account holder's death or incapability to do so. So, it is mandatory for the policyholder to mention the contact details of the authorized person.

Features of Electronic Insurance Accounts

Below-mentioned are some of the features of an electronic insurance account:

  • Individuals can hold only one e-insurance account.
  • You can access all the policies, even from multiple insurers, in a single account.
  • you will get a unique number for future assistance and queries.
  • You will also get a unique login ID and password to access the account.

Note: Mention your unique e-insurance account number in your proposal form and request the insurance provider to issue the policy in an electronic format.

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Benefits of e-Insurance Account

There are many benefits of an e-insurance account. Especially, when you have different types of insurance policies from different insurers. Continue reading to explore the benefits of e-Insurance Account:

  • Safety and Security : One of the most important benefits of holding an e-insurance account is safety and security of policy documents. There is no need to be concerned about the original policy documents being damaged because they will be available in a safe electronic format.
  • Convenience: Life, Pension, Health, and General insurance policies can all be held online in a single e-Insurance account. This means that all policy details are accessible through a single account. By logging on to the Insurance Repository's online portal at any time, you can view the details of any of the policies.
  • One-time KYC submission: You don’t need to resubmit the KYC details to buy a new insurance policy if you hold an e-insurance account. Simply, mention the online insurance account number and your policy will be issued.
  • Better Monitoring : You can receive policy renewal and premium due reminders through your e- insurance account. Thus, you'll be able to track your policies in a better way and avoid policy lapsation.
  • BEasy Premium Payments : You will be able to pay your premium online in a simple and quick process. It is one of the major benefits of e-insurance accounts.

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Conclusion

Insurance plans are always crucial and need to be protected carefully. While anything unfortunate can happen to the physical copies, it is always good to have e-insurance accounts to have your policies documents safe, easily accessible and shared with closed kins for their use in your absence. Thus in the era of digitisation, this is another digital revolution to be adopted by insurance policyholders. Now, you are aware of the benefits and features of e-insurance accounts. Remember, many people are taking advantage of e-insurance accounts and now it’s up to you to go for it or not.

e-insurance account: FAQs

1. What is an e-insurance account?

The grace period for HDFC Life Saral Jeevan Bima plan's monthly frequency is 15 days from the premium due date.

2. What is an Insurance Repository?

Insurance Repository (IR) was formed by the IRDA under the Companies Act, 1956. The insurance repository came into existence for a better management of e-insurance accounts. The All registered insurance repositories provide insurance holders with the ease of holding insurance policies in an electronic form.

3. What is the process to open an electronic Insurance Account?

Insurance Holders have to follow the steps below in order to open an e-insurance account. Below mentioned are the easy steps to open an e-insurance:

  • Step 1: Select your preferred Insurance Repository company.
  • Step 2: Download and fill the e-Insurance account opening form.
  • Step 3: Attach self-attested KYC documents, i.e. copies of identity proof, date of birth proof, and address proof.
  • Step 4: Provide personal details, bank details and a canceled cheque, and contact details.
  • Step 5: A recent passport size photograph.
  • Step 6: Submit the form to your insurance company.

4. What are the documents required for an E-Insurance Account?

The following documents are required to open an E-insurance account

  • A canceled bank account cheque, bank account number and other relevant bank details.
  • A latest passport size 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.

5. Who is an authorized individual?

An Authorized representative is a person who can access the e-insurance account in case of the account holder's death or incapability to do so. So, it is mandatory for the policyholder to mention the contact details of the authorized person.

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Reviewed By: Naval Goel

Naval Goel is the CEO & founder of PolicyX.com. Naval has an expertise in the insurance sector and has professional experience of more than a decade in the Industry and has worked in companies like AIG, New York doing valuation of insurance subsidiaries. He is also an Associate Member of the Indian Institute of Insurance, Pune. He has been authorized by IRDAI to act as a Principal Officer of PolicyX.com Insurance Web Aggregator.