Skip to main content

Electronic Insurance Accounts

 
Buy Best Insurance Online

All you need to know about Electronic Insurance Accounts

You will be swimming in paper if you don't get organized. There is a simple way to pull you out of this mess. Use the EIA (Electronic Insurance Account).

 

insurance


Once you start down the path to insuring, one thing that you'll notice is that the paperwork piles up fast. You buy another set of insurance policies, and you get another set of papers that you need to safeguard. The bottom line is: You will be swimming in paper if you don't get organized. There is a simple way to pull you out of this mess. Use the EIA (Electronic Insurance Account).


This will even help those who are often unaware of any life insurance policies been taken by the family. In fact, this is the key reason why unclaimed money with life insurance companies grew over 250% in the four-year period between 2009-10 and 2012-13. At the end of 2012-13, unclaimed money with life insurance companies was Rs 4,866 crore compared to Rs 1,373 crore in 2009-10. An EIA would help you avoid this.


Here are some things to know about Electronic Insurance Accounts:


What is EIA?

Don't get misled by the complicated name. The Electronic Insurance Account or e-Insurance Account is like a bank account. Instead of storing your money, the EIA helps you store your insurance documents online in electronic format. It can also come handy while buying insurance over the internet and manage it online. Thus, you can have all your electronic policies in one place. Your entire portfolio is accessible with just a click of the button.


How does EIA work?

Much like the bank or demat account, you have a service provider who opens an 'insurance repository'. This acts as the central holding place for all your insurance copies. Consider the insurance repository to be your bank. Just like the bank has lakhs and crores of money through deposits from customers, so will the repository hold your insurance policies in electronic format.


You have to approach an insurance repository to open your Electronic Insurance Account. Once you do that, you will be given a unique account number – much like your savings bank account details. This number will represent your identity and your insurance holdings.


What are the benefits of EIA?

·         Since all your policies are in one place, you are now better equipped to know your investments.

·         You can also make better decisions for tax implications since you have all the data.

·         You will be relieved from the tedious job of going through the physical policy papers.

·         You can now manage all your life insurance policies of all insurers under a single e-Insurance Account.


·         To add to this, opening an EIA is free of cost. Once EIA is opened and you submit your documents, you do not have to worry about document submission henceforth. The EIA has your data; and this will be used every time you purchase a new policy.


·         EIA makes your life simpler when you need to change your personal details in the policy, like your address. Just open your account and make the changes in your personal details column; the information gets percolated to all your policies automatically. So, you no longer need to run to the insurance policy office to update your information or to pay your premiums. Everything is at just a click of the button. 


Where can you open EIA?

The insurance market regulator – Insurance Regulatory and Development Authority (IRDA) allows the following five entities to act as 'Insurance repositories', which are authorized to open e-Insurance Accounts.


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

These authorities are allowed to maintain a data of insurance policies in electronic form on behalf of the insurers.


How to open EIA?

It's as simple as opening a bank account online. It is just a three-step process. You need to download the EIA opening form from the preferred insurance repository and fill it up with your details. You need a copy of your date of birth, PAN or UID card, address proof and a cancelled cheque. Self-attest these documents with your signature and scan the same onto your computer. If you do not have a scanner, you can go to the nearest cyber-café to get the documents scanned. You will then get these documents as an image or pdf file. Just upload these documents along with the form at the insurance repository's website. There you go; you are ready to manage and claim your insurance money in a fast and easy way.

 








------------------------------------------
Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact Prajna Capital on 94 8300 8300

--------------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

PrajnaCapital [at] Gmail [dot] Com

OR

Call us on 94 8300 8300

---------------------------------------------

 

Popular posts from this blog

Post Office Deposits Interest Rates

Best SIP Funds to Invest Online   SIPs are Best Investments when Stock Market is high volatile. Invest in Best Mutual Fund SIPs and get good returns over a period of time. Know Top SIP Funds to Invest Save Tax Get Rich For further information on Top SIP Mutual Funds contact  Save Tax Get Rich on 94 8300 8300 OR You can write to us at Invest [at] SaveTaxGetRich [dot] Com

How Tax Deducted at Source (TDS) works?

    THE tax season is here. And if you are an employee you can't blame your employer for deducting large chunks of money from your salary towards tax deducted at source ( TDS ), which he is legally obliged to do. Your bank will also deduct some percentage from your FD interest of Rs 10,000 or more towards TDS! So what is this TDS all about? How is it computed? Are there any changes this year? Read on... What is TDS? TDS reduces your taxable income and could even provide tax relief! The TDS collections account for 40 percent of the total taxes collected in the country. As the name suggests TDS is the amount of tax that is deducted at source in certain types of income . The TDS thus collected is deposited in the Government treasury within a specified time. How is it computed? Some of the types of income where TDS is applicable include salary, interest, rental fee, interest on securities, insurance commission, dividends from shares and UTI/Mutual Funds, commission and brokerage

Modern day balanced mutual fund approach

Buy Gold Mutual Funds Invest Mutual Funds Online Download Tax Saving Mutual Fund Application Forms Call 0 94 8300 8300 (India)   In reality, most balanced funds have a strong tilt towards equity instead of a mix of equity and debt THERE are various types of mutual funds available to investors with specific features. Often investors have a particular idea about a specific type of funds in terms of their features and risks, but that is not what is actually available. Therefore, it is necessary for an investor to understand the actual position before picking up a fund. This requires some work on the part of the investor. One example can be the situation with balanced funds. Name is not representative: One of the first things that an investor has to understand is that the name of the fund is often not representative of its investment pattern. The name often represents only the aim of the fund, and not what it actually is.

ELSS Tax Saver

ELSS Stands for Equity Linked Savings Scheme.   ELSS Fund are mutual funds with 3 years of lock in period and offer income tax benefit under section 80C. They are open ended to purchase. Not all Mutual fund Investments are eligible for tax exception. List of Tax Saving Mutual Funds   Invest in Tax Saving Mutual Funds ( ELSS Mutual Funds ) to upto Rs 1 lakh and Save tax under Section 80C.   Invest Tax Saving Mutual Funds Online Tax Saving Mutual Funds Online These links can be used to Purchase Mutual Funds Online that are regular also (Investment, non-tax saving)   Download Tax Saving Mutual Fund Application Forms from all AMCs Download Tax Saving Mutual Fund Applications   These Application Forms can be used for buying regular mutual funds also   Some of the best Tax Saving Mutual Funds available ( ELSS Mutual Funds ) HDFC TaxSaver ICICI Prudential Tax Plan DSP BlackRock Tax Saver Fund Birla Sun Life Tax Relief '96 Reliance Tax Saver (ELSS) Fund IDF

Should you invest in tax-free infra bonds?

THOSE looking to save tax should take note of the latest buzz in the debt markets. Power Finance Corporation ( PFC ) and Housing Urban Development Corporation (Hudco) have launched bonds that will help you save more tax than your regular infrastructure bonds. Soon, IRFC and NHAI are likely to follow suit with similar bonds. KP Jeewan, general manager, debt markets, Karvy Stock Broking, says: "The coupon in these bonds are completely tax-free and those in the highest tax bracket can expect an effective yield of 10.75 per cent, compared to the 9.5 per cent a 10-year public sector bond would offer." The PFC and Hudco offerings are of 10- and 15-year tenures, with coupon rates of 7.5 and 7.75 per cent, respectively. Unlike other regular tax-free infra bonds, the tax benefits in these bonds are not capped at ` 20,000. Even besides these tax free bonds, those in the highest tax bracket have had plenty of opportunities to invest in tax saving infrastructure bonds under 80 CCF i
Related Posts Plugin for WordPress, Blogger...
Invest in Tax Saving Mutual Funds Download Any Applications
Transact Mutual Funds Online Invest Online
Buy Gold Mutual Funds Invest Now