How to open an e-Insurance Account in India?
From October 1, 2016, it will be mandatory for us to have an e-insurance account with an insurance repository to buy any insurance policy in India.
The main aim for e-insurance account is to hold multiple insurance policies in an electronic format and to make the claiming process easier for the account holder.
Only one unique e-Insurance Account (eIA) number needed for all your policies.
Each eIA account holder will get a unique Login ID and Password to access his/her policy details online.
Even one can pay premium for all the policies online and even log in service requests like: to change your personal details, to renew premium, or to register any complaints online. You will not need to visit to the insurance office or branches all the time.
Even if you already have insurance policies, you can easily convert your existing policies into electronic mode by submitting a request along with the application for opening an eIA. And, there is no extra cost involved in opening the eInsurance Account (eIA).
So even if you planned to buy any insurance polices in future, you can still open an eIA now and quote this eIA number when you actually buy a policy later.
Simple steps to open e-insurance account in India
1. One can open the e-Insurance account by directly log in to any one of 5 authorized repositories website
Authorized Repositories are NSDL, KARVY, CAMS, SHCIL Projects Limited, and CDSL
2. Next, fill up the e-Insurance Account application form online
3. Take a printout of the completed eIA application form and submit it to the nearest Approved Person or Repository office.
3. Along with application – submit your KYC documents
Aadhaar card or Permanent Account Number (PAN) card are mandatory for opening the e-Insurance Account.
Documents required as Address Proof are Ration Card, Passport, Aadhaar letter, Driving License, Voter ID card, Bank Passbook, Registered Lease and License agreement or Agreement for sale.
4. Finally, the repository verifies the submitted documents and it will open your e-insurance account within 3-4 working days of the date of submission.
5. Once account opened, repository will communicate the particulars like eIA number, Login ID, password and usage instructions through email to account holder.
6.You are now ready to log in to the repository website and access your policy details.
7. Even your existing policies can be linked to this e-insurance account by submitting the required form to your repository.
8. The e-Insurance account holder will have the option to shift from one Insurance Repository to the other Repository.