What is an e-insurance account in India?

An e-insurance account is also known as an e-IA or electronic insurance account. An e-Bima Account is an easy and effective way to manage all your insurance plans like Life Insurance, Health Insurance, Motor Insurance, Personal Accident Insurance, Critical Illness Insurance, etc. Electronic insurance account was introduced by the Insurance Regulatory and Development Authority of India (IRDAI). Facility to assist policyholders in accessing their policies digitally at any time and from any location.

Customers can avail themselves of this service by opening a free e-insurance account simultaneously as they purchase the policy for which a proposal form is provided. If the policyholder has an existing e-Insurance account, the individual can add a new policy by disclosing the account information in the proposal form.

Policyholders can keep all their insurance policies in one place and access them anytime. Every e-IA will have a unique account number, a unique login ID and a password to access the electronic policies online.

How can I open an e-Insurance Account?

The IRDAI has approved four insurance repositories for opening e-insurance accounts. You can open your e-Insurance account through any of the following insurance repositories:

NSDL Database Management Limited
Karvy Insurance Repository Limited
CAMS Repository Services Limited
Central Insurance Repository Limited

In addition, we also have a digital wallet known as "Glovebox". You can also buy our digital wallet for free. All you need to do is log in with your User ID and Password and enter your registration number to add new policies and view existing ones.

You can open your e-IA by following the below-mentioned steps:

Choose your desired Insurance Repository company.
Download and fill out the e-IA opening form.
Submit self-attested KYC documents such as date of birth, identity, and address proof.
Enter personal details, bank details and contact details.
Submit a cancelled cheque.
A recent passport-size photograph.
Submit the form to your insurance company.

*You do not have to submit any KYC documents while opening an e-insurance account through a health insurance company, as the insurance company will send your KYC documents to the insurance repository.

Required Documents for Opening an E-Insurance Account

The following documents need to be submitted to open an e-insurance account:

Cancelled bank account cheque
Bank account number and other required bank details.
Latest passport size photo
Self-attested copy of identity proof such as your Voter ID card, pan card, passport, etc.
Self-attested copy of your age proof such as passport, voter id card, birth certificate etc.

*The e-insurance account can be opened without any charges. Only the authorized person can access the e-Insurance account to view the portfolio of insurance policies.

Who is an Authorized person?

An authorized person can access the e-Insurance account if the account holder dies or cannot do so. Hence, the policyholder must include the contact information of the authorized person.

Features of Electronic Insurance Accounts

Some of the features of an electronic insurance account are mentioned below:

A person is only permitted to have one e-insurance account.
Multiple users can access all the policies in a single account
For future assistance and inquiries, you will receive a unique number
You will get a unique login ID and password to access the account

Benefits of an E-Insurance Account

An electronic insurance account is very beneficial when you have many insurance policies from various insurers. Some of the other benefits of e-IA are listed below:

Safety and Security: The safety and security of policy documents is one of the most important benefits of having an electronic insurance account. The fact that the original policy documents will be made available in a secure electronic format eliminates the need to worry about damaging them.
Convenience: One e-insurance account can be used to hold multiple insurance policies, including life, pension, health and general insurance. This indicates that a single account can be used to view all policy information. You can view the details of any insurance whenever you want by logging into the online portal of the Insurance Repository.
One-time KYC submission: If you have an e-insurance account, you do not need to re-submit KYC details to buy a new insurance policy. A policy will be issued if you mention the e-insurance account number.
Better Monitoring: Your e-insurance account will inform you when your policy is up for renewal and when your premium is due. This will enable you to better track your policies and prevent policy lapses.
Easy Premium Payments: One of the main benefits of having an e-insurance account is that you can pay your premiums online quickly and easily.

Conclusion

Insurance policies are always necessary and should be carefully protected. Even though physical copies may face misfortune, it is always a good idea to have e-insurance accounts so that your policy documents are safe, quickly accessible, and shared with close relatives for their use while you are away. This is another digital revolution that insurance policyholders will embrace in the era of digitization. Now you understand the benefits and features of e-insurance accounts, it's important to remember to buy an e-insurance account along with the insurance policy.