e-Insurance account is more or less like a demat account, where one can store all the insurance policies (Life, Health, General ) in a single account in electronic form. e-Insurance account helps the individuals to hold multiple policy of different companies in single account, pay premiums, track of all policies in one place. e-Insurance account has to be opened with Insurance Repositories.
IRDAI has permitted following four entities to act as 'Insurance Repositories' that are authorized
to open e-Insurance Accounts. Insurance Repositories will provide 13 digit
unique eInsurance account number to individuals.
- NSDL Database Management Limited
- Central Insurance Repository Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited
Opening an e-Insurance Account:
Step 1: Download eInsurance Account opening form of your
preferred Insurance Repository.
Step 2: Fill the form and attach self-attested copy of KYC
documents.
Step 3: Submit the forms along with self-attested documents
to your preferred insurance repository.
Benefits of e-Insurance Accounts:
- One time Know Your Customer updation for all policies.
- Storage of all policy in electronic format - Paperless Policies.
- Safe against theft or loss of physical policies.
- Consolidated insurance statement on an annual basis.
- Single request for contact details updation
- Premium alerts & payment for all insurers through eIA
- Ease in registering bank account details for premium payment and payouts
- One Time Claim Intimation in case of any unfortunate event
Once e-Insurance account is opened with any of the Insurance
Repositories, All the new policies and Existing policies can be stored in
electronic form.
Mentotax recommends to open e-Insurance account with any of
the Insurance repositories and convert all the existing policies to electronic
form for easy tracking and other benefits.
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