E-Insurance Account E-Insurance Account (EIA) is a digital platform where all insurance policies can be kept safe together. This insurance repository operates which is recognized by the Insurance Regulatory and Development Authority of India (IRDAI). This eliminates the need for policyholders to keep the documents related to their policy in physical form. Let us know its complete details.
Buying an insurance policy is easy, but sometimes it becomes difficult to handle its physical copy, remember the renewal date and manage the claim process. To solve this problem, the facility of E-Insurance Account has been made available. Through this digital account, you can manage all your insurance policies at one place.
What is E-Insurance Account?
E-Insurance Account (EIA) is a digital platform where all insurance policies can be kept safe together. This insurance repository operates, which is recognized by the Insurance Regulatory and Development Authority of India (IRDAI). This eliminates the need for policyholders to keep the documents related to their policy in physical form.
Benefits of E-Insurance Account
- You will not need to manage different policy documents.
- Information like insurance account number and address, once updated, will be updated in all policies.
- Having a digital policy makes filing and tracking claims extremely easy.
- You will get timely reminders for renewal of insurance policy.
- The entire process of buying and transferring the policy will become digital, which will eliminate the hassle of paperwork.
Process to create e-insurance account (Step-by-Step Guide)
Register in Insurance Repository (Insurance Repository Registration)
To open an e-insurance account, you need to register with an authorized insurance repository. Let’s take a look at the major insurance repositories in India.
- NSDL-NIR (National Securities Depository Limited – Insurance Repository)
- CAMS (Computer Age Management Services)
- Karvy (Karvy Insurance Repository)
- CIRL (Central Insurance Repository Limited)
You can register by visiting the official website of any of these repositories.
Application Process
You can apply both offline and online. For offline application, fill the form and submit it along with KYC documents to the insurance repository or insurance company. For online application, you can complete the process through e-KYC on the website of the insurance repository.
Document Verification
Your submitted documents will be checked. After verification is complete, you will get a login ID and password. It will come to you via SMS or Email.
Link Your Insurance Policies
After logging in, you will have the option to add life insurance, health insurance and motor insurance. If you have old insurance policies, you can fill their conversion form and scan and upload it.
