Aditya Birla Sun Life Insurance Company Limited
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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 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.
The Insurance Repositories authorised by the IRDA include:
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.
You’re going to like this. It costs nothing to open an eInsurance Account. The service is provided free of charge.
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.
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.
There are several key features that you need to know about the eInsurance framework and your eInsurance Account. Take a look.
Wondering how an eInsurance Account can help you? Check out the benefits of an eIA here.
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Buy ₹1 Crore Term Insurance at Just ₹576/month*
Exclusively For Salaried Individuals
4 Plan Options
Life Cover upto 70 years
Optional Accelerated Critical Illness benefit
Inbuilt Terminal Illness Benefit
Life Cover
₹1 crore
Premium:
₹576/month*
Buy ₹1 Crore Term Insurance at just @ ₹576/month*
ABSLI Salaried Term Plan (UIN:109N141V04) is a non-linked non-participating individual pure risk premium life insurance plan; upon Policyholder’s selection of Plan Option 2 (Life Cover with ROP) this product shall be a non-linked non-participating individual savings life insurance plan.
*LI Age 21, Male, Non Smoker, Option 1: Life Cover, PPT: Regular Pay, SA: ₹ 1 Cr., PT: 10 years, Annual Premium: ₹ 6400/- ( which is ₹ 576/month) Premium exclusive of GST. On death, 1 Cr SA is paid and the policy terminates.
ADV/8/24-25/1216