Understanding an Electronic Insurance Account?

In the modern world, people tend to have multiple insurance plans such as motor insurance, health insurance, life or term insurance, etc. Keeping track of all the insurance policy papers and related documents can be complicated and time-consuming. Fortunately, you can now use an electronic or an ‘e insurance account’ to carefully store all of your insurance policies and documents in one place. An ‘e insurance account’ is a type of secure digital repository where your insurance policy papers and related documents can be safely stored electronically. Let us understand what an e-insurance account is in more detail. 

How Does an E Insurance Account Work?

Your e-insurance account essentially works as a backup for all your insurance-related policy papers and documents. You can access all of these documents online at any time, even if you don’t have the physical copies of the documents present with you at the time. Further, you also do not have to carry all of your paperwork with you when the need arises, you can show your documents through your e-insurance account. Moreover, there are no extra charges that you will have to pay to create this account, it’s free of cost for the policyholders. 

Documents Needed to Open an E Insurance Account

You may need to keep the following list of documents ready to submit to create an e-insurance account:

 

  • A cancelled bank cheque that displays your bank account number and other necessary bank details. 

  • A recent passport-sized photograph

  • ID proof such as PAN card, voter ID, etc. 

  • Proof of age such as passport, birth certificate, etc. 

Who is an Authorised Representative?  

If you have created an e-insurance account, you can appoint an ‘authorised representative’ for your account. In case of the unfortunate death of the account holder or if they are incapable of accessing the e-insurance account, their authorised representative can officially make changes. Thus, at the time of creating your e-insurance account, you will need to provide the contact information of your chosen authorised representative. 

Steps for Opening an E Insurance Account 

If you are wondering how you can make an e insurance account, just follow the easy steps mentioned below:

 

Step 1: Choose your preferred repository from the 4 IRDA-approved registration entities: 

  • Central Insurance Repository Limited 

  • NSDL Database Management Limited 

  • CAMS Repository Services Limited 

  • Karvy Insurance Repository Limited 

     

Step 2: Download the e-insurance account application form.

 

Step 3: Fill up the application form correctly and attach the KYC documents. 

 

Step 4: Provide other necessary documents like bank details, contact information, etc.

 

Step 5: Submit the form to your insurance company. 

 

Your e-insurance account number will be created and the credentials to access the account will be sent to you. 

Features and Benefits of an E Insurance Account

Let’s take a look at the main features of an e-insurance account that you should be aware of:

 

  • At any given time, you can only have one e-insurance account. 

  • You can keep the documents and details of all your insurance policies in this account, even if the policies are from different insurers. 

  • Once your account is created, you will be provided with a unique account number for any future reference or communication. 

  • You will also be provided with a login ID and password that you can use to access your account. 

Following are the benefits you can avail by making use of an e-insurance account:

 

  • All insurance policy documents can be stored safely and securely using the e-insurance account. In case you lose the physical copies of your insurance papers, the online documents will serve as your backup. 

  • If you have purchased multiple types of insurance policies from different insurers such as health insurance, car insurance and term insurance, you can store all of them in one single place using your e-insurance account. 

  • Once you have provided your KYC details at the time of opening your account, you will not need to submit KYC whenever you purchase a new plan and wish to add the details to your e-insurance account. 

  • One of the main benefits of using this account is the fact that you can access your insurance details online at any time and at any location. 

How to Opt-Out of the Insurance Repository?

If you wish to deactivate your e-insurance account and opt out of the service, you will need to create a new e-insurance account and transfer your existing insurance policies to the new one. Alternatively, you can move the digital copies of your insurance details to physical copies. Once the insurance policy details have been removed and it has been deactivated, nobody will be able to access the account.

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E Insurance Account - FAQs

  • ✔️Is it mandatory to have an e-insurance account?

    The IRDAI has made it mandatory for policyholders to get an e-insurance account if they purchase a life insurance policy that has premiums of more than ₹10,000 per year.

  • ✔️Is it free to create an e-insurance account?

    Yes, creating an e-insurance account is completely free of cost.

  • ✔️Which documents will I need to create an e-insurance account?

    You will need to submit the following documents to create an e-insurance account: 

    • Passport size photo 

    • ID Proof 

    • Age Proof 

  • ✔️Can I deactivate my e-insurance account?

    Yes, you can deactivate your e insurance account by transferring your existing policies to a new account or a physical form. 

  • ✔️Can I store all of my insurance details on this account if I have purchased insurance from different companies?

    Yes, an e-insurance account allows you to store all of your insurance details even if you have purchased multiple plans from different insurance providers.