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.
Market Adoption
CAMS Insurance Repository Services announced servicing over 1 crore policies in the electronic format, highlighting the growing adoption of e-insurance accounts in India.
What Is an Insurance Repository?
An 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 authorized four companies to function as insurance repositories in India, who are in turn authorized 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 an E-insurance Account
Key benefits of an e-insurance account include:
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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.
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One-time KYC
You are required to submit your KYC documents once, when opening an e-insurance account. A unique e-Insurance Account number will be assigned to you, which you can provide at the TPA desk.
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Hassle-Free Premium Payments
As your e-insurance account is completely digital, there is no need to worry about cash or cheque payments for your health insurance premiums.
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Track 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.
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Quick and Secure
All your insurance policies are tucked under your electronic insurance account, offering quick accessibility and keeping all policy details safe.
KYC Documents Required for an E-insurance Account
To open an E-insurance account, you will need the following KYC documents:
- Passport-size photograph
- Cancelled cheque
- Identity proof (e.g., Aadhaar card, driving license, or Voter ID)
How To Open an E-insurance Account?
Once you have gathered all necessary KYC documents, follow these steps:
- Select a preferred insurance repository from the four options mentioned above.
- Download the e-insurance account form from their official website.
- Fill in all details and provide self-attested KYC documents.
- Submit the form online.
- You can also connect with PolicyX insurance experts to guide you through the entire process or for any other related information.
- Your eIA (Electronic Insurance Account) will be ready within 7 days from the date of application submission.
Conclusion
E-insurance accounts are relatively new but are a successful example of how Indians have embraced digitalization. The Government of India, along with IRDAI, has launched multiple initiatives and directions to mandate the secure electronic issuance of insurance policies. This new-age tool is a solution for securely managing 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 their benefits, connect with our insurance experts for a personalized call.
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