How To Open An E-Insurance Account?

What is an e-Insurance Account?

An electronic insurance account is an electronic account opened by a person with an insurance repository wherein his portfolios of insurance policies are held in an electronic form. The most beneficial feature of an e-insurance account is that one can access all of their insurance policies at a single place, in a matter of a few clicks.

Each e-insurance account is connected to a unique number, also called the eIA number. Once this number has been created, it cannot be altered or modified. Further, during the registration of an electronic insurance account, one must provide KYC details. When buying a new life insurance policy, one must enter the eIA number when filing their proposal form. This eliminates the need to provide KYC details with every purchase.

Presently, the following four entities² have been authorised to act as Insurance repositories:

1. NSDL Database Management Limited
2. Central Insurance Repository Limited
3. Karvy Insurance Repository Limited
4. CAMS Repository Services Limited

 

How to Open an e-Insurance Account: Follow the Steps Below

The process of how to open an e-insurance account is a simple one, comprising two steps, which are:

 

Step 1: Fill out the eIA form and attach KYC

Visit the repository’s website to download the form. Fill out the eIA form, correctly mentioning your address, contact details, bank account information, and so on. You will also have to mention the details of the person you wish to designate as the Authorised Representative. Once all the details are filled out, attach the required KYC documents.

 

Step 2: Submit the form

Another step in how to open an eIA account includes the submission of the filled-out form. If applying online, you can submit it online itself on the repository’s website. For offline mode, you can submit the form via an Approved Person (appointed by the insurance repository). The repository will then verify the details and open your e-insurance account.

The insurance repository will then provide you the welcome kit, alongside the login credentials for accessing your account.

 

KYC Documents Required⁴?

The process of how to open an eIA account is incomplete unless you have submitted the KYC documents like identity proof, address proof, proof of date of birth, among others. You can visit the insurance repository’s website for a detailed list of the acceptable KYC documents under each category.

 

Benefits of Opening an e-Insurance Account

Once you know about an e-insurance account, you should also know the benefits of having one. Opening an e-insurance account can ease your insurance buying and managing journey to a great extent. Some of the key benefits you can enjoy are:

 

Access to all policies

With one e-insurance account, you can access all your insurance policies in one place. It makes the processes related to policy servicing, relatively easy.

 

Keeps them safe

Storing your insurance policies in your eIA also means that they are safe from physical theft or loss. The repository provides secure payment gateways that ensure the data you enter is inaccessible to unethical parties.

 

Easy Service

You can easily make changes to details like addresses, contact details, etc. for all your policies through eIA.

 

Premium Payments

eIA also facilitates premium payment online for your policies.

A life insurance policy can be a significant aspect of living a financially secure life. The emergence of e-insurance can help old and new life insurance policyholders have a more comfortable and convenient experience with their insurance journeys.

 

Key Points You Must Know to Open an E-Insurance Account

1. Opening and maintaining an e-Insurance Account is completely free; there are no hidden or service charges.
2. The eIA helps you hold all your life, health, or general insurance policies in one place, safely in digital form.
3. You can have only one eIA, and it must be in your name .
4. Opening an eIA is a one-time process, making all future policy management digital and easy.

 

Key Takeaways

1. An e-Insurance Account (eIA) lets you store all your insurance policies digitally in one secure place.
2. Your eIA has a fixed 13-digit number linking all policies, issued in your name
3. Four authorised repositories, including NSDL (National Securities Depository Limited) and CAMS (Computer Age Management Services), manage eIA accounts in India.
4. Opening an eIA requires simple KYC verification and submission of relevant documents.
5. You can easily update details of your insurance policies, make premium payments, and access policies anytime.
6. It ensures convenience, safety, and paperless management for all policyholders.

 

Conclusion

An e-insurance account makes managing your policies simpler and safer. With one secure account linked to your name, managing multiple insurance policies becomes effortless, thus making insurance services more transparent and user-friendly for every policyholder.

 

FAQs

 

1. What is the eligibility criteria for opening an e-Insurance Account?

Any individual (above 18 years) who plans to buy an insurance policy in their own name can open an e-Insurance Account. You must complete KYC with identity and address proof during the application.

 

2. How can I update my KYC or personal details after opening the account?

To change your name, address, or bank details, you can submit a request to your insurance repository or insurer along with supporting documents.

 

3. Can a minor or senior citizen open an e-Insurance Account?

A minor cannot open an e-Insurance Account. The account must be in the name of an adult individual.

 

4. Can I open multiple e-Insurance Accounts under one PAN?

No. You are allowed to hold only one e-Insurance Account across all repositories under your PAN.