What is an e-Insurance Account?

What is an e-Insurance Account?

e-IA stands for “e-Insurance Account” or “electronic insurance account”, which will safeguard the insurance policy documents of policyholders in electronic format.

What kind of insurance policies can one keep in Electronic Insurance Account?

The following types of insurance policies are eligible to be held in the electronic form :
1- All individual life insurance policies including health and pension policies including those issued to groups issued by registered life insurance companies with IRDA
2- All general insurance policies held by individuals including groups policies
3- Any other class of insurance policies that may be notified by IRDA from time to time

What are the charges of e-Insurance Account?

Opening and availing of eIA Services is absolutely Free.

How to open an e-Insurance Account?

A policyholder can open an e-insurance account with any of the five repositories approved by IRDA.
1. Central Insurance Repository Limited (CIRL)
2. SHCIL Projects Limited
3. Karvy Insurance repository Limited
4. NSDL Database Management Limited
5. CAMS Repository Services Limited

You can’t open multiple demat accounts, as IRDA allows just one e-Insurance Account per person. Opening and Maintaining of Electronic Insurance Account (e IA) is completely FREE. No charges need to be paid by investors. Charges for services are paid by Insurance Companies to these repositories.

What documents are Documents required to open e Insurance Account (e-IA)?

1- Passport size colour photo
2- ID Proof: Either PAN Card or AADHAR Card.
3- Residence Proof: Ration Card / Passport / Aadhar letter / Voter ID card / Driving license
4- A copy of cancelled cheque

Step 1:

Download the e-Insurance Account (eIA) application form

Step 2:

Fill in the form with correct details and submit it will following documents:
1- One recent pass port size color photograph
2- Self Attested photocopies of Proof of Identity- PAN or Aadhar-UID card
3- Self Attested photocopies of Address Proof – Aadhar-UID/Voter ID Card/Ration Card/Passport, Bank Pass Book/Electricity/Telephone Bills (not more than 6 months old),
4- Self Attested photocopies of PAN card/ Domicile Certificate/Driving License/Municipal Birth Certificate/Life Insurance Policies issued by LIC or other Insurers
5- A copy of cancelled cheque.

Step 3:

Submit the eIA application to any repositories you wanted to open the e-Insurance Account.

The eIA application form with the documents will be verified and then processed. Once the application is processed an e Insurance Account (eIA) will be generated for the applicant. The eIA can be accessed by login id and password given to the applicant.

Key Features of the service:

1- Single point of service for updating and managing details making it easier, faster and more reliable. A single point of contact for the account holder to update demographic details with insurance companies. You can keep track of the policies in a structured manner online.
2- Conversion of the existing paper policies into electronic policies at the request of the policy holder. Eliminates the drawbacks of holding the insurance policies in physical form, thus no risk of loss or damage.
3- An e-insurance account holder will be spared the trouble of submitting KYC details each time a new policy is taken.
4- It will also facilitate conversion of the existing paper policies into electronic policies at the request of the policy holders.