E-INSURANCE ACCOUNT
EIA ACCOUNT
What is E INSURANCE ACCOUNT ?
EIA ACCOUNT OR E-INSURANCE ACCOUNT : An Account , that keeps Insurance policies of an individual held with Insurance Repository in a single electronic account form .
It eliminates the need for holding the physical policies . All the insurance policies bought by an individual from various insurance companies can be held under a single e- Insurance account . As per Insurance Regulatory and Development Authority of India ( IRDA ) guidelines dated 29.05.2015 , All Life Insurance policies , General insurance policies ,Health insurance policies and Pension Plans can be held in e-Insurance account . Each account will have an unique number allotted by the repository .
FOR THE GUIDELINE DOCUMENT OF IRDA DATED 29.05.2015 , CLICK HERE
WHO ARE THE INSURANCE REPOSITORIES IN INDIA ?
There are Four Insurance repositories licenced by IRDA .
1. M/S NSDL DATABASE MANAGEMENT LIMITED
2. M/S CDSL INSURANCE REPOSITORY LIMITED
3.. M/S KARVY INSURANCE REPOSITORY LIMITED
4. M/S CAMS REPOSITORY SERVICES LIMITED
BENEFITS OF HAVING AN E INSURANCE ACCOUNT :
e-Insurance Account catches all your KYC Data , converts all your physical insurance policies held in to electronic form . Hence there will be no need of safekeeping of your insurance policies . All you need is to tag all your insurance policies to the e-Insurance Account . The account can be opened free of charge and there will be no charge for the basic activities in your e-Insurance Account . Once you have the account , you can buy insurance without providing KYC documents for each and every policy . The repository of your account will remind all service calls on your account like premium due , maturity date etc . All your insurance data is obtained by a single consolidated statement . You can operate the account by using log-in and password . You can appoint a Authorized Representative ( AR ) to operate all your policies in case of your demise or incapacitated . One can shift his e-Insurance Account from one repository to another , if not satisfied with the services or for any other reason . One person can have only one e-Insurance Account with any of the repositories
BIGGEST BENEFIT IS NO NEED TO KEEP AND SAFEGUARD INSURANCE POLICIES IN PHYSICAL FORMS
WHAT ARE THE DOCUMENTS REQUIRED TO OPEN E- INSURANCE ACCOUNT ?
To open an e-Insurance Account , one should have Aadhar or PAN Number . Following documents are to be submitted while opening an e-Insurance Account ( eIA ) :
1. Passport Size photograph
2. Aadhar card
3. PAN Card
4. Any one of the following as address proof
a. Ration card ,
b. Voter ID
c. Passport
d.Electricity Bill
e. Driving Licence
f. Bank Passbook copy .
5. Cancelled cheque
HOW TO OPEN E -INSURANCE ACCOUNT WITH A REPOSITORY ?
1. Chose the repository you want to open an account with , who will cater to all the policies you are having from different insurance companies .
2. You may apply on-line by going to their websites below :
1. M/S NSDL DATABASE MANAGEMENT LIMITED
2. M/S CDSL INSURANCE REPOSITORY LIMITED
3.. M/S KARVY INSURANCE REPOSITORY LIMITED
4. M/S CAMS REPOSITORY SERVICES LIMITED
3. In case you chose to apply manually , You may obtain e-insurance Account application form from the office of a repository or an insurance company or download the form from any of the the websites of the four repositories given below :
1. M/S NSDL DATABASE MANAGEMENT LIMITED
2. M/S CDSL INSURANCE REPOSITORY LIMITED
3.. M/S KARVY INSURANCE REPOSITORY LIMITED
4. M/S CAMS REPOSITORY SERVICES LIMITED
. The filled form along with the required documents can be submitted to their office or to an insurance company or their agent for opening an account or to an Approved Person ( AP ) of the concerned repository . You may find list of Approved person of repositories by clicking on the repositories below
1. M/S NSDL DATABASE MANAGEMENT LIMITED
2. M/S CDSL INSURANCE REPOSITORY LIMITED
3.. M/S KARVY INSURANCE REPOSITORY LIMITED
4. M/S CAMS REPOSITORY SERVICES LIMITED
After submitting your eIA application along with necessary document , you will receive your Log-in ID and password by mail .
You can operate the account by logging in .
USAGE OF E INSURANCE ACCOUNT :
An e- INSURANCE Account can be utilized for following :
1. For consolidating all insurance policies in a single account and to know the positions of all policies at a single point
2. To notify change in personal data like address to all insurance companies by just notifying to the repository
3. To receive premium notices from all the insurance companies .
4. To notify bank account details in a single account to receive payouts.