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What is the process of opening E Insurance account?

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As mentioned above that IRDA has licensed 5 companies under Insurance repository system. To open e Insurance account, one has to approach the respective company and fill up the account opening form and submit the KYC documents. KYC documents include Pan card/Aadhar card, address proof, date of Birth proof and a passport size photo. Please note having a pan car or aadhar card is compulsory. After submitting all documents account opening will take 7 working days. There's no fee for opening of E Insurance account. Neither you have to pay anything while digitising your existing policies. As this Insurance repository system will prove to be cost effective mechanism for insurance companies, so they will directly compensate the respective repository for their services.

 

Under Insurance repository services one person can open only one E insurance account and can't have multiple accounts with different repositories. But yes, one can transfer the holdings of one account to other account after closing the earlier one. Also one can Re materialise the policy document if someone is not happy with this repository system. Right now only life insurance policies are eligible to be held in E Insurance account but going forward this facility will be extended to general insurance policies also.

After digitising all policies, policy holder need not communicate with different insurance companies regarding the changes in the policies. He just need to submit his request to the Insurance repository in the respective format, then rest will be taken care by Repository and will ensure that the same is executed and reflect in the policy held in electronic form. To view your policy details you will be provided with online login and password and timely statement of account will be sent to you on email and physically.

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