Opening an e-Account to Buy an Insurance Policy in India

Opening an e-Account will be Mandatory to Buy an Insurance Policy

There will be a change in rules for buying an insurance policy from 1st October. Now for buying any insurance policy, it will be mandatory to have an e-insurance account. The biggest advantage of this will be the fact that now you will not have to keep policy document with you. With this aspect, all types of insurances starting from health to car or life insurance will now be saved in your smartphones. From 1st October insurance policy in digital format will now be acceptable all over.

Claiming process of insurance policy will become easier as one do not have to go to an insurance company. Even you can register any complaint from a comfort of your home. All this will be possible through e-insurance account. Through e-account, you will also be able to pay a premium.

What is e-Insurance Account?

E-insurance account will be a type of bank account that will have all your policies and you can access them, whenever in need. IRDA (Insurance Regulatory and Development Authority) has made it compulsory to have this account from 1st October onwards.

Which Type of Policy will need e-Account?

Except for micro insurance, e-account will be required for all insurance policies. This means e-account will be required for all new insurance policies.

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What about Old Policies?

You will have an option of keeping your old policy in physical form with you or you can also ask the insurance company to change it into e-policy.

How to Open an e-Insurance Account?

One has two options to open an e-insurance account.

One option is to open an e-insurance account from your insurance company itself.

The second option is to go to any five repository websites approved by IRDA and open your e-insurance account.

The five repositories approve by IRDA are CASS repository, Central insurance repository, Karvy Insurance repository, NSDL Database Management and HSCIL projects.

One will also have to fill one application form and a KYEC document. One has to attach this document with the form.

To open an account one also needs either a PAN card number or Aadhar card number.

One can also submit ration card, registered lease, driving license, and license or sale agreement as address proof.

How to Buy e-Insurance Policy?

If you have bought your e- insurance account through the approved repository, then you will have to share your e-account number with the insurance company. Repositories cannot sell an insurance policy to the customers.

If you have bought the e-account from insurance company itself then the company will complete the processing and other formalities. Once the account is opened you can log in into the account and pay a premium.

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