e-Insurance Account (eIA): Your Key to Hassle-Free Policy Management

An Electronic Insurance Account, also known as e-Insurance Account (eIA), gives you quick access to all the information and details about your insurance policies with just a few clicks. Instead of dealing with multiple websites or stacks of paperwork, your eIA holds all your policies from different insurers in one safe online account. This account is authorized and managed by an Insurance Repository. Discover the convenience of having everything you need in one place – managing your insurance has never been simpler!

What is e-Insurance Account?

An e-Insurance Account, commonly referred to as eIA, is a digital platform that allows policyholders to manage and store their insurance policies in an electronic format. It serves as an online repository where individuals can access, view, and manage all their insurance-related information conveniently and securely.

With an e-Insurance Account, policyholders no longer need to handle physical policy documents or maintain multiple records for different insurance policies.

Instead, all the insurance policies from various insurers are consolidated and maintained in a single online account, authorized by an Insurance Repository.

This electronic account streamlines the insurance management process, offering a range of benefits such as easy access to policy details, premium payment history, nomination updates, and claim status. It provides a paperless and organized way to keep track of insurance-related information, making it a hassle-free and user-friendly solution for policyholders.

It’s a unique Account Number (13 digits), and every account holder is granted an individual Login ID and password to access the electronic policies online.

Benefits of e-Insurance Account:

• No more physical policy documents
• The details of the insurance policies can be accessed from anywhere and anytime.
• Life insurance, General Insurance policies can be stored in electronic form.
• Service request details get auto-updated in all your policies across all life insurers
• One time KYC (Know Your Customer).
• You can get the statement of account about the details of the policies.
• It is free of cost. Insurance Repositories are paid by the insurers for their services.
• Premiums for all the policies can be paid online
• Policy benefits like money back installments /claims can be paid electronically through registered bank a/c.
• An authorized representative can be appointed by the e-Insurance account holder to operate his/her account in case of unfortunate demise. Nominee and authorized representative can be the same person.
• e-Insurance Account holder will have an option to shift from one Insurance Repository to the other
• You can opt out of this service anytime.
• View and manage all your life insurance policies under a single account

How to open e-Insurance Account?

Opening an e-Insurance Account is a straightforward process. To do so, follow these steps:

Choose an Insurance Repository: The first step is to select an Insurance Repository that is approved by the Insurance Regulatory and Development Authority of India (IRDAI).

The following four companies can open the e-Insurance Account. Download eIA opening form of a Insurance Repository of your choice.

1. NSDL
2. CIRL
3. CAMS
4. Karvy

Fill out the Application Form: Visit the website of your chosen Insurance Repository and locate the application form for opening an e-Insurance Account. Fill in the required details accurately, including your personal information and contact details.

Submit KYC Documents: Along with the application form, you will need to provide Know Your Customer (KYC) documents. This typically includes identity proof (such as Aadhar card, passport, or voter ID) and address proof.

Verify your Identity: The next step is to undergo an identity verification process. Some Insurance Repositories may use e-KYC (Electronic Know Your Customer) for instant verification, while others may require physical verification.

Receive your Account Details: Once your application is processed and approved, your eIA account will be ready within 7 days from date of submission. You will receive your e-Insurance Account details, including the unique account number and login credentials.

Link Policies to your eIA: Now that you have your e-Insurance Account, you can link your existing insurance policies to it. You will need to provide policy details, such as the policy number and insurer's name, to add the policies to your account.

Access and Manage Policies: With your e-Insurance Account set up and policies linked, you can now access and manage all your insurance policies in one place. The account will provide you with a consolidated view of your policies, premium payment history, nomination details, and claim status.

Remember to keep your account login credentials safe and secure to protect your insurance information.

How I convert my Paper Policy into e-insurance account?

If you already have an e-Insurance Account (eIA), you need to initiate the dematerialization process by submitting a dematerialization request to your insurer.

You can obtain the dematerialization request forms either from the insurer's branch offices or their website, as well as from the Insurance Repositories.

If you hold multiple policies with the same insurer, you can consolidate them into a single dematerialization request. After filling out the form, make sure it is duly attested or signed, and then submit it at either the insurer's branch office or any Insurance Repository office.

If you don't have an e-Insurance Account yet, you can open one by submitting the eIA opening form along with the required documents.

Additionally, if you wish to convert your existing paper policies into electronic form, you can include a request for the conversion along with your application.

Both processes offer the convenience of managing your insurance policies digitally, allowing you to access and handle your insurance information in an organized and hassle-free manner.

FAQs