Top 10 Points You Should Know About E-Insurance- Business News
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Top 10 Points You Should Know About E-Insurance

"You can keep all your insurance policies like health, life, pension or general even from different companies, at the same secure online accoun"

Naval Goel   
  • January 6, 2017  
  • |  
  • UPDATED   14:29 IST

Naval Goel
Naval Goel
Gone are the days where paperwork used to be an issue in official tasks and you would end up with official paper documents and safeguarding them. India is changing and you can just see how much digital India is slowly becoming if you just step out of your home. With online shopping, mobile phone recharge, online food delivery systems and even other facilities, you have everything within the reach of your hands. With everything turning into a digital platform, the insurance in India has also gone digital. Hence, keeping your documents in a de-materialized form is now easier than ever. Learn everything about E- Insurance from the points listed below.

The Ten Points about e-Insurance

There are 10 vital points that you need to know about e- insurance and here are those points which wrap up everything there is to know about this Insurance,

1.What is E- Insurance?

Like the name sounds, the e- Insurance is the account is the counterpart of the demand account. It holds the de- materialized format of insurance policies after being one with an insurance repository. The e- Insurance account is a 13 digit distinct number which helps you to convert, buy or hold your insurance policies at the single online insurance account. Every account holder is given a unique username and a password. One can have only one count with respect to the repository.

2. The Features of E Insurance

The e- Insurance offers the following features,

  • You can keep all your insurance policies like health, life, pension or general and from different companies at the same secure online account.
  • It is very easy to handle and you only need to follow the instructions. Filling of the application form along with identity proof, your PAN or Adhar card and address proof with passport size photo is required.
  • You have the option to keep the policies in electronic form or in paper form but not both.

3. The working of the E- Insurance

E- Insurance works much like it happens with a bank or a demat account. You have a service provider opening the insurance repository in order to store the policies. You can have insurance policies from different insurers in the same account. There are five kinds of repositories available to open an account. Those are,

  • NSDL Database Management Limited.
  • CAMS Repository services Limited.
  • SHCIL Projects Limited.
  • Central insurance repository Limited.
  • Karvy Insurance Repository Limited.

4. Advantages and pros of E- Insurance

E- Insurance offers a couple of advantages and those are as follows,

  • Protection and Safety- You will not have to worry about the risks of losing your documents or damaging them. E- Insurance assures that the policies are in safe hands and can be easily accessed.
  • Convenient- You may be anywhere in the world and still have the way to access your insurance documents. That is because e- Insurance account can be accessed from anywhere and during any time of the day.
  • Saves Paper- One of the biggest pros of going electronic is that papers are saved. Hence, it is more environments friendly.
  • User Friendly- Following the instructions provided, it is fairly simple and easy to create your account and makes changes in it whenever you need to. Therefore, it saves the hassle of standing in cues for changes. Instead, you need to click a few instructions only.

5. Guide to Opening an E- Insurance Account

Opening your eIA or the e- insurance account is fairly simple. You need to fill out the opening form online and provide KYC documents like the PAN card, Adhar card and in case of NEFT services, a cancelled cheque. After it has been verified, you will be able to open your account in 7 days after you get your eIA number, username and the password. It can also be opted for minors but the operations should be conducted by the legal guardian.

6. How to make changes in your Insurance policy?

If you need to make any changes, then you simply need to make the request. Account levels changes like your address or contact details, can be changed on your own. But for repository, it needs to be verified and the insurer will be informed of the changes after the verification. For policy level changes, simply issue the request. Like in order to buy any new insurance policy, you need to quote your provided e insurance number in the form.

7. The cost of E Insurance Accounts

Opening the e- Insurance account and transferring from one repository to another are free of cost. The services by the insurance repositories are also free however, there will be costs regarding the savings in policy delivery and assurance. The account holder will receive their statement once a year with all the transaction details listed in it.

8. Ways to Opt Out of the Insurance repository

In order to opt out of the e- insurance repository, you will need to give writing to the respective insurance company. As the necessary changes are made, the company will provide a receipt of intimation within 5 working days. As the conditions are fulfilled and payments are done, you will be given a hard copy by the company showing you have opted out of it.

9. Areas of e- Insurance to be concerned about

The e- Insurance offers multiple advantages. But there are some areas of concern related to it as well. Those are listed below,

  • Data Security is a concern for every policy holder.
  • Going electronic will make it difficult for rural areas to access it.
  • Being digital, the management of data will cost more.

10. Types of Policies allowed in e- Insurance Accounts

The e- Insurance account allows you to hold any kind of insurance policy such as health, pension, motor, travel, life and others as well as annuities plans. The IRDA has defined the criteria of the issuance of Electronic Insurance Policies. And it has been divided in terms of Policy Sum Assured or in terms of Premium.

By, Naval Goel, Founder and CEO, PolicyX.com