What is eInsurance
Insurance in India has gone digital. Through insurance repository you can keep all your insurance policy documents in an de-materialized form. Similar to stocks, mutual funds, and bonds which are kept in demat account, you can also keep all your insurance policy documents in electronic form through one repository system. i.e. these repositories will act as a single point of service.
How to Open e-Insurance Account
Insurance regulatory and development authority (IRDA) has approved following 5 companies who on behalf of insurance companies can manage all the data of policy holders in electronic/demat format:
- NSDL Database Management Limited: List of documents required to create eIA can be downloaded from here. Application form can be downloaded by clicking here
- SHCIL Projects Limited: Click here to download account opening form
- Karvy Insurance Repository Limited: Application form can be downloaded here
- Central Insurance Repository Limited: Steps to open einsurance account can be checked by clicking here
- CAMS Repository Services Limited: All the e-insurance account opening forms at CAMSRep are available here
Advantages of e-Insurance Account
There are many benefits for eIA account holders as follows:
- It is totally FREE
- Existing policies can be converted into electronic format in a very simple manner
- Amongst the most important is that all your policy documents are secured. In case of hard copy, there is always a chance of document getting misplaced or damage
- You can monitor status of all your documents through one common interface
- No need to contact policy provider's office as everything would be online
- Changing person details such as address, phone number, nominee details etc. will all be done quickly and easy manner
- Renewal payment will be done online and alert would be sent for all eIA
- Annual statements can be obtained in a consolidated manner
- Fake assurances given by insurance agents will be reduced
- You can buy new insurance in an electronic format once you have e-insurance account enabled
- Since KYC documents are already submitted by you, there is no need to repeat these procedures again. E-insurance has made this cumbersome process into a one time process.
- Another benefit of e-insurance account is that the bank account can be registered in a very easy way
- In case of the death of eIA account holder, authorized representative (nominee) appointed by the account holder can view all the policy information in a single view
- Insurance companies will get great relief since everything will be paperless, printing will reduce etc. thereby benefiting the environment
Concern Areas:
- Since everything would be digital it would increase cost of managing data
- Providing access of this service to the rural areas will be very difficult
- Data security is a very big concern
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