Know Everything About E-Insurance Account

What is an E-Insurance Account?

An E-Insurance Account, often known as eIA or Electronic Insurance Account, is a digital platform introduced by the Insurance Regulatory and Development Authority of India (IRDAI). The account is like a repository where you can manage all your insurance policies, including life insurance, health insurance, motor insurance, and others, at one place. All the policies that are stored in e-insurance accounts are known as e-insurance policies.

This account holds all your insurance policies in a digital format. Having an e-insurance policy saves you from unnecessary paperwork and protects you against policy loss or theft. With an eIA, you can access your policy anytime, anywhere you want, and in a matter of a few seconds and a few clicks.

Key Features of an E-Insurance Account

Here are the key features of an electronic insurance account:

• You can have only one e-insurance account in your name.
• You can keep all your electronic insurance policies, including mediclaim policy, pension plan, life insurance policies, even from multiple insurers, in the same account.
• Every e-insurance account is assigned a unique account number, commonly known as an e-insurance account number, that can be used for all correspondence.
• When buying an insurance policy online, you can simply mention your unique e-insurance account number in your proposal form and send it with a request to issue the policy in electronic format.
• As KYC documents are already verified by your insurance repository, you do not need to fill the KYC form and submit the documents again and again while buying a policy.
• A unique login ID and password are provided to every account holder to grant access to their e-insurance accounts.

Top 5 Benefits of E-Insurance Account

There are several benefits of having an e-insurance account. Listed below are some of the top ones:

1. Safety and Security

   Having an insurance policy in a digital format has its own advantages. It protects your insurance policy from loss or theft. Since it is in an electronic form, you can access your insurance policy anywhere and anytime you want as it is just a click away.

2. One-time KYC Submission

   Thanks to your e-insurance account number, there is no need to submit your KYC documents every time you buy a new insurance policy. All you have to do is to provide your e-insurance account number and it is done.

3. Convenience

   An eIA allows you to access your insurance policies online whenever you need them. There is no need to search for physical copies or worry about misplacing important documents. In fact, it makes it convenient for you to view your policy details, such as coverage, premium dates, and terms, with just a few clicks.

4. Easy Premium Payments

   When your electronic insurance account is opened, and its status is active, you can make payment for your insurance premium online with the help of your account. You do not have to wait and waste your time in the long queues to pay the premium of your policy through cash or cheques.

5. Easy Tracking of Your Policies

   If you have an eIA, the insurance repository will send a yearly statement of your account with the details of all the insurance policies you hold. It makes it easier for you to keep track of your policies.

How to Open an E-Insurance Account?

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

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

Step 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

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

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

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

KYC Documents Required for Opening an E-Insurance Account

In order to open an online insurance account, all you need is to submit the following documents:

• Your Latest Passport Size Photograph
• A Cancelled Cheque
• Any of the following Know Your Customer (KYC) documents:
  1. Identity Proof- PAN Card, Voter Identity Card, or Aadhaar Card.
  2. Address Proof- Driving License (DL), Ration Card, or Aadhaar Card etc.
  3. Date of Birth Document- PAN Card, Ration card, or Domicile Certificate, etc.

Once your submitted application is accepted, an e-insurance account number along with the login id and password will be allotted to you.

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