Basic Things about Insurance Repositories – Open an e Insurance Account (eIA)
Best Insurance Repository in India: Conventionally when anyone purchases an insurance policy, the insurer would provide policy documents in paper format. With a view to making insurance documents secure against loss and enhance its penetration, The Insurance Regulatory and Development Authority (IRDA) took an initiative and started a repository system in September 2013. Here we will discuss on how to open an eInsurance account (eIA) in India.
With this repository, insurance policies could be converted and stored in electronic format. Currently, life insurance policies and pension plans are being felicitated with this service; it will be extended to auto, home, and other insurance products. Repository offers transparency in issuing and administering policies. Moreover, it enhances efficiency.
What is an e- IA?
e-IA stands for electronic insurance account. It holds insurance policy documents in electronic format. It offers the convenience of accessing your policy document just at a click of a button. A policyholder can open an e-insurance account with any of the five repositories approved by IRDA.
You need to submit an online application for an e-IA and within seven days your account will be opened. The account will be opened within seven days from the date of submission of application.
Each e-IA is granted login id and password and you can access your account by logging in to it.
Anyone who doesn’t have an insurance policy also can open an e-IA and can use it when he purchases an insurance policy.
In order to add existing policy documents to your eIA, you can make a request to your insurer or to the repository.
Benefits of e-Policies
There are several benefits you can enjoy having e-policies. Some of them are:
- Safety: It acts a safeguard in the event of loss or damage to a policy. It is very easily accessible and can be downloaded and printed anytime if you want.
- Single point of service: It becomes very easy to update details such as a change in address nomination as repository offers a single point of service.
- Easy pay: All your policy benefits would be e- deposited to the registered bank account making it speedier.
- Single KYC: Every time you purchase a new policy, you don’t need to go through KYC as all your documents are available in electronic format in the repository. You don’t have to go through the KYC process every time you are buying a new policy.
e -Account made Compulsory for New Insurance Buyers
With a view to consolidating your insurance portfolio as well making claim process easier, IRDA has made it mandatory to have an e-insurance account for new policy buyers from 1st October. You can also open an e-account to store your already existing insurance policy in the repository.
How to Open an e – Insurance Account
To open an e-account, you can either approach the repository office or contact the insurer. You have to fill out an application form and submit it along with supporting documents to insurance repository office. You can get the application form from any of the repositories or you can contact your insurance advisor. The application form can be downloaded online too. There is no fees to be paid for it. If you are buying a new policy, you can submit the application form along with insurance proposal form.
In order to open eIA, you must have a PAN card or Aadhar card with you and you have to submit a copy of it when you apply for it. You also have to provide address proof, proof of birth date and a passport photograph. You have to verify address proof showing original of it.
With an eIA, all your insurance policies will be available at one place and you can access anytime provided you have a device and internet connectivity. With online access, you can make a claim, register a complaint and go through details from anywhere. You don’t need to visit insurance offices. There is a grievance cell set up in the repository and your complaint will be addressed.
An e-Insurance Authorised Representative
An e-IAholder can authorise a representative who can access and operate the account if the e-IA holder is incapable of doing so or in a case of a demise of the person. The authorised representative will have to intimate the repository about it and also provide proof of it. He/she just acts as a facilitator and can’t claim any benefits unless he is nominated or declared as assignee.
Once all the claims are settled, the authorized representative will have to make a request to close the e-IA.
Is it Possible to Change Insurance Repository?
Yes, e-IA owner can change insurance repository. All the insurance policy details and transactions history will get transferred to the new repository.
Is it Possible to have Multiple eIA?
No, policyholders can have single eIA only irrespective of a number of policies. Even if someone tries to apply at another repository for another account, it will be rejected as all the repositories have a system to check for existing eIA account. All the insurance policies can be accessed at one repository only.
How do You Convert Existing Paper Policy Documents into Electronic Form?
Once you have opened an eIA, you have to make a request to your insurer for converting your policy documents to electronic format. You have to fill up a request form for policy conversion. The request forms are available in all insurance repository offices. You can also download the request form from repository websites. A separate request form is to be filled out for each policy you want to convert. Duly signed request forms can be submitted at insurance repository office or insurance office of your insurer.
You can submit request form along with an application form for opening an eIA. You also have to submit all necessary supporting documents.
Open eIA and get access to all your policy documents at a single place and enjoy the convenience and security!
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