eIA stands for e-Insurance Account or "Electronic Insurance Account" which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. You can now manage all your life insurance policies of all insurers under a single e-Insurance Account.
Benefits of an eIA:
· Free of Cost: The service is provided at absolutely no cost.
· Ease – All Insurance policies under one umbrella.
· Safety – Policy in safe custody. No risk of loss.
· Less Paper work – No need to go through KYC verification all over again unless there is any change.
· Single point of contact – All policy and account details can be changed with a single request
To know more about Electronic Insurance Account & Insurance repositories please check FAQ. (FAQ attached).
Existing policy conversion Form:
If you already have an Electronic Insurance Account, submit a duly filled 'Existing Policy Conversion Form' at any of our branches to convert your existing physical policy contract in electronic form.
Re-materialization of Policy Document
What is Re-materialization ??
Re-materialization is conversion of the dematerialized policy into physical policy document.
Need of Re-materialization :
The policyholder wishes to assign the policy.
The policyholder wishes to close the eIA.
The policyholder wishes to hold his policies in physical form
How to proceed for Re-materialization ?
The policy holder must submit Re-mat request form at any Aditya Birla Sun life insurance branch stating the reason(s) for re-materialization. Physical Policy document will be dispatched to customer’s registered correspondence address.
Step 1: Download / Apply online - eIA opening form of your preferred Insurance Repository from below links:
Step 2: Fill the form and attach self attested copy of below mention required documents:
· PAN or UID card
· Address proof
· DOB proof
· Attach photograph
Step 3: Submit the forms along with self attested documents to your nearest Aditya Birla Sun Life Branch
An e-Insurance account will be opened within 7 days from the date of submission of application complete in all respects. Once, an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/e-Insurance account holder.
NO. e-Insurance account is offered 'free of cost' to the applicants.
The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy. In addition, the repository acts as a single stop for several policy service requirements. The Insurance repository system also brings about efficiency and transparency in the issuance and maintenance of insurance policies.
"Insurance Repository" means a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in Electronic form on behalf of Insurers. The Insurance Repositories provide the ease of holding insurance policies issued in an electronic form.
No, only an entity which is registered under company's act and who is granted a 'Certificate of Registration' by Insurance Regulatory and Development Authority (IRDA) can act as an Insurance Repository.
No, Insurance repositories cannot sell/solicit insurance policies. They are authorized only to maintain the policies in electronic form and provide a service record of all insurance policies.
eIA stands for e-Insurance Account or "Electronic Insurance Account" which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. IRDA has granted the Certificate of Registration to the following five entities to act as 'Insurance repositories' that are authorized to open e-Insurance Accounts:
a) M/s NSDL Database Management Limited
b) M/s CDSL Insurance Repository Limited
c) M/s SHCIL Projects Limited
d) M/s Karvy Insurance Repository Limited
e) M/s CAMS Insurance Repository Services Limited
Each e-Insurance Account will have a unique Account number and each account holder will be granted a unique Login ID and Password to access the electronic policies online.
An e-Insurance account application form is one that is used by an individual to open an e-insurance account with the Insurance Repository. This form would be available with Insurance Company, Insurance Repository or an Approved Person.
An Approved Person is a Point of Sale (PoS) appointed by Insurance Repository and will be working on behalf of Insurance Repository to extend the IR services.
An e-Insurance account holder or policyholder is required to:
a) Fill the e-Insurance account form and
b) Submit the following documents to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository:
1. Photo ID
2. Recent passport size photograph
3. Cancelled Cheque ( In case of ECS/NEFT services for insurance premium payment transaction) and
4. Address proof
Identity proof (any one):
a) PAN Card
Address proof (any one):
a) Ration card
c) Aadhar letter
d) Voter ID card
e) Driving license
f) Bank Pass Book (not more than 6 months old)
g) Verified copies of:
i) Electricity bills (not more than 6 months old)
ii) Residence Telephone Bills (not more than 6 months old)
iii) Registered Lease and License agreement / Agreement for sale
Self-declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts.
Identity card/document with address, issued by:
a) Central/State Government and its Departments
b) Statutory/Regulatory Authorities
c) Public Sector Undertakings
d) Scheduled Commercial Banks
e) Public Financial Institutions
f) Colleges affiliated to universities
g) Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their Members
Yes, an individual who is not having any insurance policy can open an e-Insurance account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person.
Once e-Insurance account is created, you will receive a welcome kit. A pin mailer shall be sent separately. Using the login credentials and PIN, you can access and start using your e-Insurance account.
Yes, it is possible to convert the existing paper policies into electronic form. A service request may be made to the Insurance Repository or Insurer or the Approved person in this regard.
Once you have opened an e Insurance Account, to buy a new policy in electronic form, you just need to quote your unique e-Insurance account number in your new insurance proposal form and make a request to issue policy in an electronic form.
All Life insurance, Health insurance, General insurance & Annuity policies that are issued by registered insurance companies with IRDA and who have signed up with the Insurance Repositories are eligible to be held in the electronic form.
You will receive a mail and SMS on your registered e-mail id and mobile number.
You will receive a mail and SMS on your registered e-mail id and mobile number.
All the services provided by Insurance repositories are FREE of charge.
A list of all policies that are credited will be available in the e-Insurance account. For each policy, policy level details like the status, commencement, maturity/expiry, nomination, assignment, endorsement, address, terms and conditions etc., would be available. In addition, the e-Insurance account holder will be able to download a copy of the policy bond.
All requests in respect of either your e-Insurance account or any of the electronic policies may be made to the Insurance Repository. However, requests in respect of the policies can also be made directly with the Insurer concerned.
Upon a request, the Insurance repository would handle all servicing needs that fall within scope of their services directly and would forward the others to the Insurer concerned. An update to the policyholder would be provided by the Insurance Repository on the status of the request in respect of all the requests that it receives.
An Authorized Representative is a person who is appointed by e-Insurance account holder to operate his/her e-Insurance account in case of unfortunate demise or incapability of e-Insurance account holder to operate the account. The Authorized Representative will intimate the Insurance Repository about the demise/incapability of policyholder with valid proof.
An Authorized Representative has only access rights to the e-Insurance account in the event of demise of the policy holder. The Authorized Representative would only to act as a facilitator and is not entitled to receive any policy benefits unless designated as a 'nominee' or 'assignee' by the deceased policy holder.
Yes. Authorized Representative can be changed by making a request to the Insurance Repository.
Yes both Nominee and Authorized Representative can be the same person.
Every Insurance repository will have a policyholders’ grievances cell to address the grievances in respect of repository services and electronic policies held by them.
a) Welcome Kit with details of e-Insurance Account and modus operandi of its operation, the login ID.
b) A Pin mailer with the password.
c) The statement of account giving the details of all policies held whenever additional insurance is taken or a policy matures/ surrendered/ lapses would be provided to the e-insurance account holder.
d) When a new policy is issued the insurer shall send an insurance information sheet containing the basic details of insurance policy to the address stated.
Yes, the e-Insurance account holder will have an option to shift from one Insurance Repository to the other. All the policy details and transaction history would then be transferred to the new Insurance repository.
Yes, the policyholder shall make a request to his insurer and upon completion of all formalities in respect of the same, the hard copy of the policy document shall be made available.
After the demise of the e-Insurance account holder and after settlement of all insurance claims, the Authorized representative needs to make a request to the Insurance Repository to close the e-Insurance account.
NO. As per the IRDA guidelines, an individual cannot open multiple e-Insurance accounts.