Everything know about – e-Insurance Account (EIA)

What is an e-Insurance account (EIA)?

The term EIA means “e-Insurance Account”.

Contents

What is an e-Insurance account (EIA)?Benefits of e-Insurance Account:FAQs Can I be open with or without PAN or Aadhaar card?How long does it take to establish an EIA account once all required formalities are done?What’s the cost to open an e-IA?Can EIA be a holder of other Financial instruments? How do I define e-IA?Is it possible to have multiple eIAs?What are KYC documents for EIA?

The e-Insurance Account allows policyholders to access their insurance policy with only a couple of clicks.

The e-Insurance Account is a web-based repository system that lets you electronically archive all of your insurance policies and manage an insurance collection.

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.

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The following five companies can open the e-Insurance Account.

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

FAQs

Can I be open with or without PAN or Aadhaar card?

As per IRDA regulations, Pan, Aadhaar, is required to be used for opening an electronic-Insurance Account. We regret to inform you that you won’t be able to access the e-IA.

How long does it take to establish an EIA account once all required formalities are done?

An EIA account is set to be open within seven working days. You will be sent a welcome packet and a Pin Mailer that contains your user name and password to log in to your insurance account via e-insurance.

What’s the cost to open an e-IA?

There are no fees paid by the client to open the e-IA.

Can EIA be a holder of other Financial instruments?

You can only hold insurance policies and not additional financial instruments.

How do I define e-IA?

e-IA is the acronym for the e-Insurance Account. Electronic Insurance Account that will protect the insurance policies of the policyholders in digital format. The EIA account allows the policyholder access to the entire insurance portfolio with a single click via the Internet.

Is it possible to have multiple eIAs?

No. One customer can only have one EIA.

What are KYC documents for EIA?

KYC is (Know You Customer). These documents comprise :

Documentation or Identification (POI)
Documentation of Address (POA)
Documentation of date of birth/age

Everything know about – e-Insurance Account (EIA)

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What is an e-Insurance account (EIA)?

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Benefits of e-Insurance Account:

FAQs

Can I be open with or without PAN or Aadhaar card?