- e-insurance policy is an online repository of your policy documents
- There is no charge for opening an online electronic insurance account
- IRDAI has authorised five insurance repositories for maintaining these accounts
- e-insurance policies are more convenient and secure
India is focusing on becoming a cashless economy. Which means that it’ll do away with cash entirely and every transaction done will be in digital form. Going paperless has its benefits: it is environment friendly, convenient and smart, too. Transactions carried out digitally are hassle-free, easily traceable, and fast.
The life insurance industry is also following this trend and has come with electronic insurance or e-Insurance. Put simply, it is an electronic insurance account which stores the policy document of your life insurance policies electronically and in a single place. What should be noted here is that, currently this service is available only for life insurance policies and policies of different insurers can also be stored in the same account.
How Does It Work?
- NSDL Database Management Limited
- CAMS Repository Services Limited
- Central Insurance Repository Limited
- SHCIL Projects Limited
- Karvy Insurance Repository Limited
How Do You Open An Electronic Insurance Account?
We will address the obvious question first: Is it free? Yes, there are no charges to open an online insurance account for policyholders. It is a completely free service for the insured, as the repositories are paid directly by the insurance companies whose policies are held in the account.
Opening an account is straightforward; all you have to do is fill and submit an application form with the requisite proofs (for address and photo) along with a cancelled cheque. This application form can be obtained from the website of the repository with which you wish to open your e-Insurance account.
The form, and the required documents can be submitted at the branch of the insurer, office of repository, or to the authorised Approved Person (AP) appointed by the insurance repository. If the documents are submitted at the insurance company, it will do the submission on your behalf to the insurance repository.
After the due diligence is successfully completed, the repository will send you the login details through email or text. You can use these credentials to login to the account and access all your policies with one click. The whole process generally takes 7 days from the submission of application form.
How Do I Convert My Physical Policy To e-Policy?
If you wish to convert your physical policy into an electronic policy, then you can do so, by placing a request with the insurance repository or the insurance company. This move will ensure that your important policy papers are not lost. Moreover, if any changes need to be made, then that can be done at a single place much more conveniently, without going through tedious paperwork.
