E-Insurance Account - Everything You Need To Know

Digital solutions have become the need of the hour. Every sector in the economy is picking up the pace and responding to the new normal with new digital innovations each day. The insurance sector in India is no different. Among the many different digital transformations in the insurance sector is eInsurance. Wondering what that is? Here’s everything you need to know about eInsurance and the eIA.

What Is An E-Insurance Account (eIA)?

eInsurance is short for electronic insurance. In simple terms, eInsurance refers to managing all your insurance policies digitally, over electronic channels. It is similar to how your shares are all stored and accessible electronically, via demat accounts. Much like this, the insurance sector also offers its own specialised version of a digital repository, known as the eInsurance Account (eIA).

An eInsurance Account is an account where all your insurance policies can be stored electronically. This includes the following types of insurance.

• Life insurance
• Health insurance
• Motor vehicle insurance
• Travel insurance
• Other general insurance

What Is An Insurance Repository?

The Insurance Repositories authorised by the IRDA include:

• NSDL Database Management Limited
• Central Insurance Repository Limited
• Karvy Insurance Repository Limited
• CAMS Repository Services Limited

How To Open An E-Insurance Account?

Opening an e-Insurance Account (eIA) is a simple process that makes it easier to handle your insurance policies. Follow these steps to open an eIA –

Step 1: Choose an Insurance Repository (IR) licensed by the Insurance Regulatory and Development Authority of India (IRDAI). An IR keeps your insurance policy data securely in electronic form.
Step 2: Download the eIA opening form from the selected IR.
Step 3: Complete the form and gather documents, such as ID proof, address proof, etc.
Step 4: Submit the filled form and self-attested documents to your nearest ABSLI branch office.

What Are The Charges To Open And Operate An eIA?

You’re going to like this. It costs nothing to open an eInsurance Account. The service is provided free of charge.

Is An E-Insurance Account Mandatory?

No. Currently, eInsurance is not mandatory. To opt out of the eInsurance framework, you can make a request to the insurer, and once your request has been processed and accepted, you will receive the hard copy of your policy document.

That said, it is always a smart idea to open an eIA because that makes it much easier to manage your insurance policies and access all the information you need from one point.

Convert Existing Policy To An E-Insurance Account

To convert existing insurance policies to e-insurance and ensure easy access, follow these steps –
Step 1: Open an e-insurance account, ensuring contact details of an authorised representative are provided for future accessibility.
Step 2: Submit approved documents, including proof of birth, identity, address, etc.
Step 3: Fill out the conversion form with your details, policy number, e-insurance account number, insurer's name, etc.
Step 4: After the documents are submitted and verified, an e-insurance account is created.
Step 5: Upon request, the insurance company will credit the policy to your e-insurance account.

The Key Features Of An E-Insurance Account

There are several key features that you need to know about the eInsurance framework and your eInsurance Account. Take a look.

• You can hold only one eInsurance Account in your name.
• Your eInsurance Account can hold all your insurance policies - both life and non-life - even if they’ve been purchased from different insurers.
• Your eIA has its own unique account number. This makes communication and correspondence easier for insurers and policyholders.
• You'll receive a unique login ID and password to access your eInsurance Account.

The Benefits Of An E-insurance Account

Wondering how an eInsurance Account can help you? Check out the benefits of an eIA here.

• An eInsurance Account helps you store your insurance policies safely, in a secure space. Since your policy is stored electronically and not physically, you can rest assured that it is safe from damage, loss, etc.
• Opening an eIA is a simple process that takes just a few minutes. Most times, you can open it online when you purchase your first insurance policy.
• You can link your eIA to every other insurance policy you own, making it a universal repository that is valid across different kinds of insurance and multiple insurers too.
• You can easily pay your premiums online, once you’ve linked your policies with the eInsurance framework.
• Tracking your insurance policies, checking when premiums are due, and accessing other details in your policies all become easier with an eIA.. With so many benefits to offer, an eInsurance Account is the quickest and easiest way to make insurance policy servicing smoother and more efficient. So, if you haven’t opened an eIA yet, go ahead and do it right away.