Now policyholders can hold all their insurance policy electronically under a single account. There are insurance repositories who will be maintaining data of insurance policies in an electronic form on behalf of Insurers.
An individual can open an e-Insurance account even if he is not having any insurance policy. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository.
Also read: How To Open e-Insurance Account (eIA)?
Things to know before opening electronic insurance account:
1) e Insurance Account
eIA stands for e-Insurance Account or "Electronic Insurance Account" will protect the insurance policy documents as it will be held in electronic format. This e-Insurance account will provid access to the insurance portfolio at a click of a button through internet.
2) Insurance repositories
IRDA has approved the following five entities to act as 'Insurance repositories' that are authorized to open e-Insurance Accounts.
- M/s NSDL Database Management Limited
- M/s Central Insurance Repository Limited
- M/s SHCIL Projects Limited
- M/s Karvy Insurance Repository Limited
- M/s CAMS Repository Services Limited
Every 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.
3) Documents required to open an e-insurance account
Individuals who are interested in opening an e-Insurance account holder should fill and submit the following documents.
- Fill the e-Insurance account form and
- Photo ID,
- Recent passport size photograph,
- Cancelled Cheque and
- Address proof
4) Convert existing policy
Individuals can convert existing policy into electronic form. A service request should be submitted to the Insurance Repository or Insurer regarding the same along with physical copy.
5) Buy new policy in electronic form
Individuals who have an e Insurance account, can buy a new policy in electronic form. One has to just quote the unique e-Insurance account number in your new insurance proposal form and make a request to issue policy in an electronic form.
All Insurance policies including life insurance, health insurance, general insurance & annuity policies which are registered with IRDA and who have signed up with the Insurance Repositories are eligible to be held in the electronic form.