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.
You can open an e-insurance account with any of the following insurance repositories approved by IRDA or through your insurance company.
Below mentioned are the easy steps to open an e-insurance:
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.
Below-mentioned are the documents that are required to submit to open an e-insurance account:
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.
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
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.
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.
Below-mentioned are some of the features of an electronic insurance 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.
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:
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.