What is e-Insurance Accounts? And How to Register for E-Insurance Accounts?

What if taking care of your insurance policies is as easy as logging into your email account? No more concern about misplaced papers or paperwork to fill out. Well, that is possible with the use of e-insurance accounts!

With effect from April 1, 2024, all the insurance policies (health insurance, life insurance, general insurance, etc) will have to be maintained in an electronic format similar to holding shares in a demat account. To do this, every policyholder must open an e-Insurance Account.  

So, What is an e-insurance account, and how to register for it? Read on to find out!  

What is an E-Insurance Account?

An E-Insurance Account (eIA) can best be described as a digital platform where all your insurance policies can be accessed and managed effectively within one place. It reduces the burden of policy management by storing all the insurance policies from various insurers in a single online account, which is securely managed under a licensed Insurance Repository of IRDAI. 

In short, eIA gives you a consolidated view of all your policies, helping you better understand the insurance portfolio and coverage. 

Procedure For Opening An E-Insurance Account

You can open an E-Insurance Account for free by following the below steps  —

Step 1:

To begin with, download an eIA opening form. You can download it from any Insurance Repository of your choice:

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

Step 2:

Along with a filled eIA opening form, you’ll also have to attach self-attested copies of the following documents:

• PAN Card
• Proof of Address
• Proof of Date of Birth
• Identification Proof

Step 3:

Lastly, submit the completed form and other required documents to your nearest insurance provider branch. {The insurer might ask for original KYC documents, so make sure to carry them during your visit.}

Once all the information and documents are verified, your E-Insurance Account shall be created within 7 days after applying. You can log in to the account using your login ID and password.

Who is an Authorised Representative for E-Insurance Account

An E-Insurance Account Authorised Representative is an Individual that the policyholder nominates to manage the account in the event that the policyholder passes away or is incapacitated. The IRDAI introduced this concept in order to facilitate seamless access to the e-Insurance Account of the member who is not otherwise able to do so. 

Key points about an Authorised Representative:

• Acts as a custodian over the e-Insurance Account.
• Access to the e-Insurance Account is permitted only after the account holder's demise or incapacity.
• Helps the nominee in terms of passing the information only.
• Different from a nominee—the representative holds no financial rights or benefits.
• Has limited access and control, as it is only for administrative purposes.

Documents Needed for Opening an E-Insurance Account

To open an E-Insurance Account, you need to submit the following documents along with the application form:

• Proof of Identity: PAN, Aadhaar, or any government-issued ID.
• Proof of Address: Utility bills, Aadhaar, or passport.
• Proof of Date of Birth: Birth certificate, Aadhaar, or PAN card.

Remember to carry original copies of these documents to the branch of an Approved Person or the insurance company for Original Seen and Verified (OSV).

Things to Know about E-Insurance

Here are some key things about e-insurance that you must know –

• Mandatory Electronic Format:  With effect from April 1, 2024, all the insurance policies will have to be maintained in an electronic format.
• No Repeat KYC: Since KYC documents have already been verified by the insurance repository, KYC forms do not need to be filled out and submitted again.
• Unique Login Credentials: Each account for e-insurance is provided with a unique login ID and corresponding password to ensure the safety of the information.

Features of E-Insurance Accounts

Here are the key features of e-insurance accounts –

• Single Account for All Policies: Only one e-insurance account is permitted per person, and it shall contain all policies under the same account regardless of different insurance companies. 
• Unique Account Number: A unique number is used to designate each account so that it will be easy to get assistance and answer queries. 
• Secure Access: You will be given a unique login ID and password, which you can use to access the e-insurance account at any time you wish. 
• Simplified Management: No need to juggle multiple accounts or documents—everything is accessible from a single platform.

Benefits of E-Insurance Accounts

Key benefits of e-insurance accounts are –

• No More Physical Documents:  It is time to stop the hassle of handling physical papers! All your policies are kept in virtual form, thus making them easy to find and secure from misplacement or damage.
• Single Account for Multiple Policies: Login to a single account and manage all your different life insurance policies issued by various companies through the e-insurance platform, thus simplifying the policy management process.
• Auto-Update of Contact Details: When you update your contact information, it updates automatically on the other life insurers at no extra cost and wastes time.
• Free Account Setup: There are no charges for opening an e-insurance account (eIA); thus, it is affordable and easy for all policyholders.

How to Opt out of the Insurance Repository?

Opting out of the insurance repository is very easy: 

• Submit a Request: Contact your insurance company and submit a request to delete your e-insurance account.
• Guided Process:  The insurance provider will assist you in completing all requisite procedures for opting out.
• Return to Physical Documents: After the requisite procedures are fulfilled, the policies will be reverted back to physical documents, and hard copies will be provided.

This provision is made especially for those who find it preferable to handle documents in written form as opposed to using electronic means. 

Parting Words!

E-insurance accounts can be defined as a revolutionary way of managing our insurance policies, as they provide ease and security. Adopting this change not only makes policy management easier but also helps safeguard and make all the necessary documents easily accessible. 

Frequently Asked Questions

Ques 1. Is it necessary to have an eIA? 

Ans. From April 1, 2024, every new insurance policy taken will have to be in electronic form.

Ques 2. Can I have more than one e-insurance account? 

Ans. No, you can open just one such account that will have all your policies, even if they are taken from different insurers.

Ques 3. Do I need to submit any documents for opening eIA?

Ans. You have to submit proof of identity (PAN, Aadhaar), proof of address, and proof of date of birth.

Ques 4. Is there an opening charge for e-insurance accounts? 

Ans. There are no charges for opening an e-insurance account as it is absolutely free.

Ques 5. Can I update my contact details in the eIA? 

Ans. Yes, any change related to your contact information will be shown on all the policies, regardless of the insurer.

Ques 6. What if I want to opt out of the e-insurance system?

Ans. You may write to your insurance company requesting that your e-insurance account be removed from the system, and all your policies will be reinstated in paper format.