What is an e-Insurance Account?

What is an e-Insurance Account?

e Insurance meaning electronic insurance. An e-insurance account is a digital platform that allows individuals to manage their insurance policies (life, health, motor or any other insurance) from multiple insurers at on place. It serves as a centralised hub where policyholders can access, view, and manage their insurance documents and information electronically

Why do one need an e Insurance Account?

Do you want to access your insurance policies from anywhere and anytime you want, without the hassles of paperwork?

If yes, you need an E-Insurance account, because it is the simplest (and of course, the best!) solution for efficiently storing your policy documents digitally. 

Benefits of E-Insurance Account:

• Ease
  • One time Know Your Customer updation
  • Storage of policy in e format
  • All insurance policies under one umbrella
  • Consolidated insurance statement
• Policy Servicing
  • Single request contact details updation
  • Premium alerts & payment for all insurers
  • Increased number of service touch points
  • Ease in registering bank account details for premium payment and payouts
• Claims
  • Single view of all policies to an authorized representative in case of death of eIA holder.

Any additional fees for opening/using an e-Insurance Account?

There are no additional fees for using an e-Insurance Account (eIA). Opening, maintaining, and making changes to the eIA is completely free of cost for policyholders. Insurance repositories do not charge individuals for these services; instead, they are compensated by insurance companies for safekeeping policy data electronically. There are no hidden charges or fees involved in converting existing policies to electronic form or for any services related to the eIA.

How to Open an E-Insurance Account (eIA)?

To open an Electronic Insurance Account, you need to connect with an Insurance Repository (IR). An IR is approved by the Insurance Regulator (IRDAI) to manage insurance policy data electronically on behalf of insurance companies and policyholders.

All you need to do is to follow the step-by-step guide below:

1. Download the e-insurance account opening form of your preferred Insurance Repository.

• • • NSDL Insurance Repository
    • Karvy Insurance Repository
    • CAMS Insurance Repository
    • CIRL Insurance Repository

2. Fill the form and attach a self-attested copy of all KYC documents including identity proof, address proof, etc.

3. Submit the form along with self-attested documents to your preferred insurance repository.

4. Your e-insurance account will be ready for use within 7 days of submitting the required documents.

Understanding the e Insurance Account Number

An eIA Number is a unique identifier assigned to your  Electronic Insurance Account (eIA) is a digital repository holding your life insurance policies in electronic form, allowing you to access and manage all your policies in one place. Whether you have a single life insurance policy or multiple policies from different insurers, EIA streamlines the process, making it easier to keep track of your insurance portfolio.

Thanks,

Honvest Team.