Benefits Of Holding An E-Insurance Policy

By BankBazaar | January 31, 2017

Benefits Of Holding An e-Insurance Policy

If you have a Health insurance, Life insurance  or any other insurance policy, in electronic form, you don’t need to worry about losing the policy papers. Also, making policy premium payments online is fast becoming a convenient method for many policy holders. The only thing that remains is for electronic Insurance policies to catch on and become more widely popular.

We’re going to tell you about the benefits of holding an e-insurance policy but first let’s find out how to open an e-insurance account.

How to open an e-Insurance account

If you want to open an e-insurance account, it’s a simple process, really. All you need to do is approach an insurance repository and complete and submit the application form. A few repositories offer the option of an online application. Others give you the choice to open an e-insurance account when you purchase a new insurance policy.

Additional Reading: How To Open An E-Insurance Account

Documents required to open an e-insurance account

You only need to submit these documents with your application, to open an e-insurance account.

  1. Recent passport size photograph
  2. Cancelled Cheque
  3. KYC documents (Any one)
    – Identity – PAN card or UID
    – Address (Any One) – Aadhaar letter, ration card, driving license etc.
    – Date of birth document (Any one) – PAN Card, domicile certificate, ration card etc.

Once your application is submitted successfully, you will be assigned a unique account number with a login ID and password. With these credentials, you can access your e-insurance account online.

Paying Insurance premium is now easy

As soon as your e-insurance account is opened and active, you can pay the Insurance premiums online through your electronic insurance account. Goodbye to ECS transfers, waiting in long queues to deposit cheques or cash for premium payments through your bank account.

Once the account is opened, you can pay the premium by logging into your account.

Let’s give you a few benefits of holding an e-Insurance.

 Safe & secure

Remember, keeping your insurance policy in electronic form protects your policy documents from theft and misuse. You can access your e-insurance account from anywhere and at any time because it is stored online. What’s more? You don’t need to submit KYC documents for verification every time you take a new Insurance policy. All you need to do is mention your e-insurance account number and you’re set!

Convenient 

A single e-insurance account is sufficient to hold multiple policies from various insurance providers. That is convenient, isn’t it?

All your policies in one place

Do you need to make changes to your personal information pertaining to your insurance policies? No more waiting endlessly or running from pillar to post just to change your contact information on all your insurance policies. One request can be reflected across all your Insurance policies. Breathe easy.

Keep track of all your Insurance policies

The Insurance repository will send the policyholder an annual statement of account with the details of all the policies held by them. Isn’t that an easy way to keep a tab on all your insurance policies?

Additional Reading: How An E-Insurance Account Can Make Life Easier

Doesn’t an e-insurance account sound really convenient? Are you thinking of opening one too? If you need more information about Insurance, we’ve got your back.

Sponsored by ICICI Prudential Life Insurance Co. Ltd 

 

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