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What is e-Insurance account? Explain its Features & Benefits.

Karan Sharma Karan Sharma 13 January 2020

An e-Insurance account gives policyholders access to their life insurance portfolio in just a few clicks.

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e-IA stands for e-Insurance Account/Electronic Insurance Account. It is like a repository where you can manage your life insurance, health insurance policy and additional policies, all in one place. All the policies which are stored in e-insurance accounts are referred to as e-insurance policies.

How to open e-Insurance Account?

You can open an e-insurance account by following these steps:

  • Download the e-Insurance Account Opening Form of any of the repositories - NSDL Database Management Limited/Central Insurance Repository Limited/Karvy Insurance Repository Limited/CAMS Repository Services Limited

  • Fill the form and attach the requested KYC documents

  • Submit the Form and self-attested KYC documents to the desired repository

The documents required to open an e-Insurance are:

  • Passport Size Photograph
  • Cancelled Cheque
  • KYC Documents - POI and POA
  • Proof of Date of Birth

Features of e-Insurance Account

The features offered by an e-insurance account are:

  • There can be only one e-Insurance account per person.
  • All types of electronic policies- life, pension, general, health, even from multiple insurers- can be kept in this account.
  • An e-Insurance account can be easily accessed online with a unique account number (unique login id and password).
  • The e-Insurance assists in purchasing a policy online. An account holder can simply enter their unique e-Insurance account number in the proposal form and place a request to issue the policy in electronic format.

Benefits of e-Insurance Account

The benefits of an e-Insurance account are:

  • Safe and Secure - Having an online insurance policy safeguards the policy document from fire, theft, loss. Also, you can access your insurance policy online, anywhere and anytime.
  • One time KYC - You are not required to submit KYC documents for purchasing additional policies. The only thing required is to mention your online insurance account number. The whole process is paperless and hassle-free.
  • Easy Payment Options - Since it is an online account, the policy payment can be made online as well.
  • Policy Tracking - You can easily track and monitor all your policies through a single account. Also, the repository sends a yearly statement with the details of all the insurance policies held by an individual.

If you have multiple policies from different insurers, it is advisable to open an e-Insurance account.

Recommended Link:Benefits of Buying Health Insurance Online

Karan Sharma
Written by Karan Sharma
Content Specialist and Strategist, foolishly creative and always ready for a game of 'Call of Duty'.