All you need to know about eInsurance

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

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