E-insurance Accounts

1. Opening an account is free and bears no hidden charges.
2. All insurance policies will be consolidated under one account.
3. The risk of losing the policy document is eliminated as it will be stored in electronic form.
4. All types of insurance policies can be stored under the e-Insurance account.
5. You can make electronic payments towards your premium by logging into the account.
6. Transactions can be carried out 24x7.
7. All premiums can be paid through one account instead of logging into multiple accounts in case a person holds different insurance policies.
8. Claims and complaints can be made through the account instead of visiting the insurance office.
9. Insurance policies will be issued directly to the customer in digital form eliminating delays in issuance and non-receipt of the policy.
10. Existing policies can be converted to e-policies and linked to the e-Insurance account.
11. Process that required updation or change can be carried out through the account such as change of address.
12. Once your KYC documents are submitted, you need not submit the documents again when you buy a new policy.
13. Reminders of important dates on your policies can be sent to you.
14. Statement of accounts from all policies can be acquired under the account.

Open an E-Insurance Account:

To open an e-Insurance account, you first need to select any one of the IRDAI authorised insurance repositories. These repositories can only maintain policies in an electronic form and provide the details of the policies. They are not authorised to sell insurance policies. There are five authorised repositories:

1. CAMS Repository Services
2. Karvy Insurance Repository
3. Central Insurance Repository
4. NSDL Database Management
5. SHCIL Projects

You can then log in to the website of the respective repository. Access the application form, fill it in and submit it. You need to attach your KYC documents with the form which you can upload and submit online. The documents can be submitted online, at the repository office or to an "approved person". The approved person is a Point of Sales entity who is appointed by the repository. Once the documents are received, they will be verified and fed into the system. The account will be opened within 7 days of submitting the application and required documents. When the account is opened, the holder will receive a welcome kit which will contain the Login ID and password. The welcome kit will be sent to your registered email address. A person can hold only one e-insurance account.

Documents Required for an E-Insurance Account:

You mandatorily have to submit either one of the following documents to open an e-Insurance account:

1. Aadhaar Card
2. PAN Card

You also need to submit the following:

1. Passport size photograph
2. Copy of address proof
3. Copy of ID proof
4. Cancelled cheque

Process of Opening an e-Insurance Account:

1. Choose an insurance repository or contact your insurer who has a partnership with a repository.
2. Go to the repository's website and download the application form.
3. Fill in the form and submit your documents online, at the insurer's office or to the approved person.
4. Once the application and documents are verified, it will be processed.
5. The repository will open your account.
6. You will receive an email containing your Login ID and password.
7. Visit the repository's website and log in.
8. You can view your policy details.
9. You can also link existing policies by submitting the required form to the repository.

Buy an e-Insurance Policy:

Once you have opened your e-Insurance account, you will get an e-account number. When you buy your policy online or in person, you need to provide this account number. This is a 13-digit number which will be unique to your account. Your new life insurance policy will be linked to your e-Insurance account. If you open your e-account through your insurer, the process will be taken care of by them. You need not worry about linking the policy.

Convert Existing Policies to e-Policies:

Opening an e-Insurance account is only mandatory for policies taken after 1st October 2016. However, existing policies can be held in physical form. Existing policyholders can choose to convert them into e-policies. To convert your policy, you can follow the steps given below:

1. Log in to the repository's website to get the necessary form.
2. You can also contact your insurer to get the policy converted to an e-policy.
3. The policy can then be linked to your e-Insurance account using the e-account number.

Compulsory Requirement of E-Insurance Policy:

Depending on the premium amount and the sum assured, the IRDAI has issued a list of insurance policies which must compulsorily be issued in electronic form. Micro insurance policies are exempted from the need of an e-policy.

The IRDAI has already brought in the e-insurance system and made it compulsory to issue e-policies to holders residing in disaster-prone areas. If the facility to issue an e-policy is available, then the IRDAI feels it is a wiser decision to use the electronic policy as it carries a number of benefits. This system will help bring about transparency and efficiency in issuing and maintaining insurance policies.