E Insurance Account

Overview of e-Insurance Account

An e-Insurance Account (eIA) is an electronic account opened by a person with an insurance repository wherein the portfolio of insurance policies of policyholder is held in electronic form. The electronic form ensures that the policies are in safe custody and can be easily accessed whenever and wherever needed. Each account is unique and can be opened through authorized repositories approved by the Insurance Regulatory and Development Authority (IRDAI). Besides this, policyholders will receive their login credentials, allowing them to view details, pay premiums, and manage their entire insurance portfolio online.

 

Features of an e-Insurance Account

1. Each e-insurance account comes with a unique account number and a user ID and password to log into the account
2. One individual can have one e-insurance account only
3. You can open an e-insurance account with any authorised insurance repository approved by the Insurance Regulatory and Development Authority of India (IRDAI). Alternatively, you can open an e-insurance account with the insurance company or an Approved Person as designated by the insurance company.
4. An Approved Person is one appointed by the insurance repository to provide the services of opening the e-insurance account
5. The account opening process is free of cost
6. All types of insurance policies can be stored in the e-insurance account in digital format
7. You can convert your physical policies into a digital format and store them in the e-insurance account
8. When buying a new insurance policy, you can provide your e-insurance account number, and the insurance company will send your digital policy to the account

 

Benefits of e-Insurance Accounts

Here’s how an e-insurance account simplifies policy management:

 

1. Easy Storage

An eIA provides a digital platform to keep all your insurance documents in one place. Consequently, a copy of the policy can be downloaded at any time by accessing the e-Insurance Account Furthermore, all Insurance policies, be it life, pension, health or general, can be electronically held under a single e-Insurance Account.

 

2. No Risk of Theft, Damage or Loss

Physical papers can be at risk of being misplaced, stolen or damaged. By shifting to an e-insurance account, these concerns vanish since your documents remain protected in electronic form, with round-the-clock access.

 

3. Easy Access

With this digital platform, you simply log in with your user ID and password and check policy details instantly, whether at home, at the office or while traveling.

 

4. Facility to Track Your Policies

Tracking policies becomes simple when all your life, health, motor, and general insurance plans are stored in one e-insurance account. Thus, it is easier to manage your policies without any stress.

 

5. One Account for All Policies

Instead of managing separate logins for each insurer, an e-insurance account lets you access all your policies, life, health, motor or travel, through a single login. It makes management of your insurance policies simple.

 

6. Easy Servicing

Updates, such as address changes or nominee details, can be made once through the e-insurance account, and the changes will be reflected across multiple insurers.

 

How to Open an e-Insurance Account?¹

Although account opening procedures vary slightly across repositories, the overall process is largely the same. The following are the steps to open an eIA–

1. Complete the EIA account opening form, either online or offline.
2. Submit recent passport size photograph.
3. Cancelled Cheque (In case of ECS/NEFT services for Insurance premium payment transaction)
4. Submit address proof to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository.
5. The repository or insurance company verifies your application and documents.
6. Once approved, your eIA is created, and you will receive your account number, login ID, and instructions on how to set up your password.
7. Log in to your account to store, manage, and service all your insurance policies digitally.

 

Documents Required for Opening an e-Insurance Account

You will need the following documents to open an e-insurance account –²

 

Account Opening Essentials

1. Completed e-Insurance Account opening form
2. Recent passport-sized photograph
3. Cancelled cheque (for digital premium payments)

 

Identity Proof (Any One)

1. PAN Card
2. Aadhaar Card
3. Voter ID Card
4. Driving License
5. Passport
6. Government/Statutory/Professional ID with address

 

Address Proof (Any One)

1. Bank Passbook (not older than 6 months)
2. Electricity or Residence Telephone Bill (not older than 6 months)
3. Registered Lease/License Agreement or Agreement for Sale
4. Passport
5. Aadhaar Letter
6. Ration Card
7. Government-issued address proof

 

Date of Birth Proof (Any One)

1. Birth Certificate / Notarized Birth Certificate
2. PAN Card
3. Passport
4. Voter ID Card
5. Driving License
6. School/College Certificates reflecting DOB
7. Other recognized official documents (e.g., baptism certificate, marriage certificate, Gram Panchayat certificate)

 

Special Cases

1. Government/Defence employees: service registers, defense ID, or certificates
2. Existing policyholders: policy documents from other insurers or LIC
3. Pilgrim pass/Islander cards (if applicable)

 

Is it possible to opt out of the e-Insurance Repository?

Yes, policyholders are not mandated to hold policies exclusively in an e-Insurance Account (eIA) under the e-Insurance Repository system. While insurers are required to issue policies in electronic format, policyholders may request a physical copy of the policy document. This request must be made to the insurer, and upon completion of the necessary formalities, a hard copy will be provided. The option to receive a physical copy must also be clearly offered within the proposal form.

 

Key Takeaways

1. An e-insurance account enables you to store all your insurance policies, such as life, health, motor, and general, in one place.This means all details of all policies are available in a single account (place).
2. The account is completely free to open and maintain, and keeps your policies secure from theft, damage or loss. Access is available anytime through a simple login.

 

Conclusion

An e-insurance account is a game-changer when it comes to storing your insurance policies in one place. With its digital platform, it saves space for storing physical policy documents and is also accessible on the go. Moreover, your policies are safe from damage or loss, and you can service them conveniently. The free-of-cost aspect of the account is an added bonus. Open an e-insurance account online and convert your policies into an electronic format for convenient storage.

 

Frequently Asked Questions

 

1. Is e-insurance secure?

Yes, the e-insurance account is secure as insurance repositories use security measures to keep your data safe.

 

2. What is an e-Insurance account application form? Where can it be obtained from?

An e-Insurance account application form is utilized by individuals to initiate an e-insurance account with the Insurance Repository, obtainable through the Insurance Company, Insurance Repository, or an Approved Person.

 

3. Can I open an e-Insurance account without having a life or non-life policy for my own self?

Yes, individuals without any existing insurance policies can indeed establish an e-Insurance account. Following the purchase of a policy, the policyholder can submit a dematerialization request to either the Insurer, Insurance Repository, or an Approved Person.

 

4. How to get an e-insurance account number?

Once your application and KYC documents are verified, the insurance repository issues your unique EIA account number. This number is shared along with login credentials.

 

5. Is there any cost to open or maintain an E-Insurance Account?

No, opening and maintaining an E-Insurance Account is completely free. It’s a value-added service offered by insurers to make managing your policies easier and more convenient.

 

6. Can I store all types of insurance in one EIA?

You can store all types of insurance policies in one EIA—whether it’s life, health, motor, travel, personal accident, or any other general insurance.

 

7. Can I switch between insurance repositories?

Yes, if you are e-insurance account holder you can switch from one insurance repository to another, you can easily do so by submitting a request. It’s a simple process and doesn’t impact your existing policies.

Sources

1. https://nir.ndml.in/e-insurance-account-opening-policy-conversion-process.html#:~:text=e%2DInsurance%20Account%20Opening%20Process
2. https://nir.ndml.in/registration-for-nir.htm#:~:text=Checklist%20for%20eIA%20opening