E-Insurance concept and benefits

The digital age is advancing at a tremendous pace and almost everything is now available online. When it comes to your important documents, there is an online locker, called Digi Locker, in which you can store all your important documents. Even for your insurance policies, the Insurance Regulatory and Development Authority of India (IRDAI) started an e-insurance account called EIA a few years ago. However, the concept of e-insurance policy has not become so popular as there is a lack of awareness. So, let’s understand what e-insurance is and how it can benefit you –

What is e-insurance

The concept of e-insurance means storing your insurance policies in digital format. Your insurance policies are stored in soft copy in an account called e-Insurance Account (EIA). The account is accessible through a user ID and password and these login credentials are issued to you after opening the account.

E-insurance account opening

Four insurance repositories have been empowered to open EIAs for interested policyholders. These repositories are as follows –

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

You can select any one repository through your website and open your e-insurance account online. Alternatively, while purchasing an insurance policy, you can fill the EIA account opening form and submit it to the insurance company along with your documents. Then, the company will send your documents to the insurance repository and your account will be opened. The documents required for opening an e-insurance account include the following –

  • address proof
  • Pan Card
  • Date of birth proof
  • Proof of identity
  • Aadhar Card

EIA opening is completely free and voluntary. Once you open an account, all your insurance policies are deposited in the account. Also, when you purchase a new policy, you can simply provide the number of your e-insurance account and a digital copy of the policy will be automatically stored in your account after the policy is issued.

Benefits of e-Insurance Account

There are many benefits to opening and operating an e-insurance account. These benefits include the following –

  • Centralized database The best part about having an e-insurance account is that all your insurance policies are stored in one place. Whether it is life insurance or general insurance, whatever policy you have purchased in the past and will buy in the future will be stored in the central account. You can easily access all the policies whenever you want. Apart from this, you will also be able to see the details of your policies, coverage start and end date, premium amount, renewal date etc. through an e-insurance account.
  • Security Since your insurance policy is in digital form, there will be no scope for loss, displacement or theft. Your policies will be stored safely for years and you can find them whenever you want. In addition, the e-insurance account is accessible through a unique user ID and password that you keep with you. This makes it impossible for others to access your account and misuse your insurance details.
  • Ease of servicing If you want to make changes to your existing insurance policies, you can do so using an e-insurance account. All you have to do is change the details on the account and the details will change automatically in all policies. For example, suppose you want to change your contact number on your policies. Instead of changing the number individually in all plans, you can simply make changes on your EIA and the contact number will be automatically updated in all your policies.
  • No KYC required for new purchase When you buy a new insurance policy, you do not have to resubmit your KYC details. You can only mention your EIA number and KYC formalities will be completed. Since your EIA is KYC verified, the insurance company will retrieve your KYC details from your account and use it to meet the KYC criteria of the new policy.
  • Tracking your plans With a single e-insurance account, you can easily track, monitor and review all your insurance policies. This helps you assess your current coverage and can change your policies if you wish.

In addition, since your insurance policies are stored digitally, it eliminates the need for physical copies and also proves to be environmentally friendly.

Therefore, understand what an e-insurance account is and open an account for storing your insurance policies. Convert your existing insurance plans into digital plans, for free, and store them in an e-insurance account. When you buy new plans, provide your EIA number and store the plans directly in your online account. Use the account to track your insurance portfolio and manage your policies with ease and simplicity.

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