Are you one of those people that is always prepared? You’ve got your children, spouse, car, and house covered by insurance? That’s great but are you having trouble keeping track of it all? If so, then an e-insurance account is your dream come true.
An e-insurance account is an electronic insurance account where your insurance policies will be stored in the digital form. This goes for all your insurance policies including your Car Insurance, Health Insurance, Life Insurance and Home Insurance policies.
When you have multiple insurance policies, having a single account to manage them makes life much easier. Plus, you needn’t worry about losing your insurance papers. You can, of course, store policies from different insurance providers in the same e-insurance account. What’s more? The Insurance Regulatory and Development Authority of India (IRDA) has said that insurance policies of certain ticket sizes have to be issued as e-insurance (NOTIFICATION F.NO.IRDAI/REG/16/128/2016). Ready to know more?
Account Opening
The IRDA guidelines on e-insurance state that one individual can have only one e-insurance account (NOTIFICATION F.NO.IRDA/INT/GDL/INSRE/111/05/ 2015). You can open the account either with the help of one of the insurance providers or with a repository. Note that your insurance provider will partner with the repository and the latter will open the account for you. There are 4 repositories (as of January 2017) that have been approved by the IRDA for opening e-insurance accounts. These include National Securities Depository Limited (NSDL) Database Management, Computer Age Management Services (CAMS) Repository Services, Central Insurance Repository and Karvy Insurance Repository. All services provided by the insurance repository are free of charges. So, you don’t need to pay anything to open your e-insurance account. Note that you also don’t need to pay to convert your old policies to the electronic form.
The Steps
Here’s how you can open an e-insurance account with a repository.
- Visit the website of the repository to download the e-insurance account opening form. You could also fill the form online.
- Ensure you have all your Know Your Customer (KYC) documents in place. You may need to enclose them along with the form. You might need several documents including your PAN card, address proof like Aadhaar card, passport or voter ID, date of birth proof such as ration card, school certificate or passport, and a cancelled cheque.
- Get the list of approved people (such as banks and financial institutions as approved by the repository) to whom the form can be submitted. You can also submit the form along with the documents to the nearest branch of your insurance provider.
- The form, as well as the documents will be verified with the originals before the application is processed. So, you need to carry your originals when you submit your form and KYC documents.
- Once the verification is done, the e-insurance account will be opened.
- You will be given an e-insurance account number and login ID along with the process you need to follow for setting the password.
- You can log in your e-insurance account once you have set the password.
After getting your e-insurance account, you can store all your policies in your e-insurance account. You can store insurance policies issued by different insurance providers and different types of insurance policies in a single e-insurance account. So, go on and get an e-insurance account today.
Sponsored by ICICI Prudential Life Insurance Co. Ltd
The views expressed here are solely those of the blogger in his private capacity and do not in any way represent the views of the legal enforcement authority or any other entity. The user of this information is advised to consult experts in the domain for concluding any opinion or course of action.