All you need to know about eInsurance

  • Life Insurance

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.

eInsurance: An overview

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).

What is an eInsurance Account?

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

eInsurance: An overview

You can open your eInsurance Account through the insurance company from whom you’re purchasing the policy. Or, you can open your eIA through any of the authorized Insurance Repositories in the country.

What does the term ‘Insurance Repository’ mean?

The Insurance Repositories authorized by the IRDA include:.

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

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 eInsurance 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.

The key features of an eInsurance 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 eInsurance 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.

Read next: FAQs about insurance

'

Got more questions about your insurance? We’ve put together a list of common FAQs from various sections, including eInsurance. Want to check it out and get more clarity on your life insurance plan?.

Read it here

ACCESSING YOUR POLICY IS SO MUCH EASIER WITH eINSURANCE, RIGHT? NOW, USE THIS TO YOUR ADVANTAGE AND SECURE YOUR LIFE GOALS!

Just like eInsurance makes it easier to access your policy online, the ABSLI Guaranteed Milestone Plan makes it a breeze to achieve the major milestones in life.

Guaranteed returns. A life cover. Guaranteed additions. Plus the option to cover your spouse. It really does tick all the boxes!

Know More

ABSLI Guaranteed Milestone Plan (UIN: 109N106V09) is a non-participating traditional insurance plan. ADV/7/21-22/655

Trending Articles

Popular Articles
View All

Term Products

ABSLI Life Shield Plan

A term insurance plan that offers you the flexibility of plan options suitable for your family's non- negotiable goals and ensure they need not compromise on their lifestyle. UIN: 109N109V04

  • Choice of 8 plan options
  • Cover your spouse under the same policy
  • Longer Life cover till age 85

ABSLI DigiShield Plan

PROTECTING multiple life needs with one plan is now possible. UIN 109N108V05

  • 10 Plan Options to suit your varied protection needs
  • Flexible death benefit pay-out options
  • Life insurance cover for 1 year or till age 100 yrs

ABSLI Saral Jeevan Bima

A simple plan to protect your family’s financial future (UIN 109N128V01)

  • Simple & affordable plan
  • Flexible premium paying terms
  • Enhance insurance cover with rider

Need help with life insurance?

+91
I agree to the Terms of Usage and Privacy Policy and authorize Aditya Birla Sun Life Insurance Company Limited and its associates to call/SMS/Email/WhatsApp me.

Thank you for your details. We will reach out to you shortly.

1800-270-7000 or reach out to us on this number.

Thank you for your details. Currently we are facing issue in our system.

1800-270-7000 or reach out to us on this number.