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Insurance Article

Top Points You Should Know About E-Insurance

September 19 2017

Keeping your insurance policies safe and online

With India evolving and promoting digitisation, we can all say goodbye to official paperwork at every other step. Just like online mobile phone recharge, food delivery systems, travel ticket bookings, insurance has also gone digital, making everything that you need more accessible and convenient to safeguard, than paper documents.

E-insurance is a facility that helps you buy and keep insurance policies in an electronic form, with the help of insurance repository facilities. Before you turn to e-insurance, it is prudent to understand how it works. Here are some points that will help you understand the concept better.

Features of E-Insurance

To witness the features of e-insurance, you must open an eIA or an e-insurance account free of cost, by simply filling out some forms, submitting KYC documents and following certain other basic formalities.

  • Once you have an eIA ready, you can keep all your insurance policies from different companies like health, life, pension and more, secured online.
  • You can keep the policies in either electronic form or in paper form, but not both.

Advantages of E-Insurance

  • Some of the benefits of keeping an e-Insurance account is that it provides a secure platform with all relevant data security protection.
  • Apart from safety, it offers convenience of online transactions.
  • It provides a single point of contact for all your insurance policies.
  • This account allows you to keep all kinds of insurance policies and annuities plans.
  • One of the biggest advantages is that it saves paper and is environment friendly.
  • It saves you the trouble of standing in queues for changes and is user-friendly with instructions and support, made available at every step.

Repositories Available in E-Insurance

E-Insurance has a simple user interface and works just like a bank or a demat account. There are five kinds of insurance repositories available for you to store your policies:

  • NSDL Database Management Limited.
  • CAMS Repository Services Limited.
  • SHCIL Projects Limited.
  • Central Insurance Repository Limited.
  • Karvy Insurance Repository Limited.

Making Changes in e-Policy

Basic account level changes can be made manually. However, repository related changes need to be verified. After verification, the insurer is informed about the changes. Policy related changes require a standard procedure. You can simply issue a request, like quoting your e-Insurance number in the form.

Ways to Opt-Out of the Insurance Repository

If you wish to opt out of an e-Insurance repository, the company would require the same in writing, after which they will provide an intimation within 5 working days. After all formalities are completed, you will be given a hard copy by the company indicating that you have opted out.

Today, e-Insurance is operational and lakhs of people have taken advantage of this initiative. Currently holding an e-policy is not mandatory, but it is highly recommended to avail the benefits of it. By keeping your documents in a dematerialised form, you will be able to keep your policies safe.

Related Article:

Things to Keep in Mind before Buying an Insurance Policy Online
How to Carry Registration Papers Virtually With DigiLocker

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