What is an E-Insurance Account? What are its Benefits?

Posted on: Jun 12, 2023 | | Written by:

What is an E-Insurance Account? What are its Benefits?

Published on May 26, 2023. EST READ TIME: 3 minutes

The insurance sector, known for its reliance on paperwork and manual processes, is embracing the digital revolution. And one significant outcome of this shift is the emergence of E-insurance policies, which provide individuals with the convenience and efficiency of managing their insurance coverage online. E-insurance policies, stored in digital format, eliminate the need for physical documents and offer policyholders instant access to their insurance details whenever and wherever they need them. Let’s embark on this digital insurance journey and discover the advantages it brings to policyholders in this digital age.

What is an E-Insurance Policy?

E-insurance or Electronic Insurance account is a repository that stores all your insurance policies, be it health insurance, motor insurance, or life insurance, in one place in an electronic form. The policies stored in the E-insurance account are termed E-insurance policies. With your login credentials, you can access and manage your insurance portfolio easily anytime, anywhere.

Features of an E-Insurance Account

• An E-Insurance account can be opened easily through any of the four IRDAI-authorised Insurance Repositories in India.

• You can have only one E-insurance account number in your name.

• You can store multiple policies like life insurance, health insurance, and motor insurance in the same account, even if the plans are from different insurers.

• After the account is created, you will be given a unique account number which can be used for all future correspondence.

• You will also get a unique login ID and password to access your account.

• When you buy an insurance policy, you can provide the E-insurance account number to the insurance company, and the insurer will send a copy of the policy to your account.

• There’s no charge to open an E-insurance account.

5 Benefits of E-Insurance Accounts

1. Since all the policies are stored digitally in the E-insurance account, they are safe and secure. There is no fear of being misplaced, lost or damaged, as can be the case with physical documents. Also, the E-insurance account is your backup if the physical documents get damaged or lost.

2. Easy to access and manage multiple policies with just a few clicks. You can access your account anytime, anywhere, by just logging into your account with the user ID and password provided. This is particularly helpful while filing claims when policy details are required.

3. Since you provide KYC details while opening an E-insurance account, there’s no need to submit KYC documents again and again whenever you buy new policies. Just mention the e-insurance, and the insurer will fetch your KYC details.

4. It is very convenient and easy to monitor and track all the policies you buy for yourself and your family members, as they remain stored in one place. The single account offers a consolidated view of the policies.

5. In case there’s any change in your contact details, you can just update your E-insurance account, and the changes will be auto-updated in all your insurance policies. There’s no hassle of updating it in every policy.

How to Open an E-Insurance Account?

The process to open an E-insurance account is simple:

1. Choose any one of the four insurance repositories authorised by the IRDA – Karvy Insurance Repository Limited, NSDL Database Management Limited, CAMS Repository Services Limited, and Central Insurance Repository Limited.

2. Download the E-insurance account opening form of the insurance repository of your choice.

3. Fill up the form and attach self-attested copies of your PAN Card and proof of your address, Identity, and age.

4. Provide your bank details or a cancelled cheque.

5. Submit the form along with the attested documents to your insurer or insurance repository.

6. Once the documents are submitted, your account will be operational within 7 days from the form’s submission date.

7. You will be issued a user ID and password to access the account.

KYC Documents Required for Opening an E-Insurance Account

The KYC documents required to be submitted for opening an E-insurance account are:

1.Identity Proof: PAN Card/Aadhaar Card/Passport/Voter’s ID

2. Address Proof: Aadhaar Card/Passport/Driving License

3. Date of Birth Proof: Aadhaar Card/Birth Certificate/Passport

4. Recent passport-size photograph

5. Bank details or a cancelled bank account cheque containing your Account Number and other bank details

The KYC documents (ID, address, and age proof) must be self-attested copies.

Conclusion

Do you still keep the physical copies of your policy documents in a folder? How much time do you spend searching the papers at the time of renewal or while filing claims? Well, you can now maintain all your policies, whether health insurance of self or family health insurance, life insurance, motor or home insurance, in one place in digital form with an E-insurance account. The best part of this online account is that you can easily access it anytime, anywhere, with a few clicks. If you don’t have health insurance, buy the best health insurance to stay financially protected against medical emergencies.

Disclaimer: The above information is for illustrative purpose only. For more details, please refer to policy wordings and prospectus before concluding the sales.

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