Rajesh was confused. Having multiple insurance policies and safekeeping them was a pain. One day, over a cup of morning coffee, he read in the newspaper that policyholders can now get their policies dematted as they’ve been doing for shares and mutual funds. While this sounded great as a concept, Rajesh wanted to know more about the finer aspects of how this works.
So, what is an e-insurance account?
E-Insurance Account is a short form of “Electronic Insurance Account”. The underlying objective of such an account is to safeguard the insurance policy documents of the policyholder by converting them into an electronic format. This e-Insurance account thus helps the policyholder access his/her entire insurance portfolio at a click of a button.
To ensure best practices, the IRDA created guidelines for Insurance Repositories to follow and granted a Certificate of Registration to the following five entities, allowing them to act as ‘Insurance repositories’ who have been authorized to open e-Insurance Accounts:
Benefits of an e-insurance account
Following are a list of reasons why you should open an e-insurance account:
How to open an e-insurance account
A policyholder has to fill the e-Insurance account form and attach the following documents:
Thereafter, one has to submit the account opening docket to the Insurance Repository or Insurance Company. It generally takes upto 7 working days for the account to be opened. Policyholders receive a welcome kit with the details of how to operate the account. Each account has a unique Account number and the account holder will be granted a unique Login ID and Password to access his/her electronic policies online.
Other points one must note regarding e-insurance account:
An e-insurance account is a great way to save families from the hassle of running around trying to locate the policy copy in the event of a claim etc., or even approaching each insurer separately for minor things like change of address or phone number. Policyholders would do well to embrace this initiative wholeheartedly & organise their insurance portfolio to get the convenience that comes with this account.
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