E-Insurance mandatory from Apr 1 How to open an e-insurance account
Insurance

E-Insurance mandatory from Apr 1: How to open an e-insurance account?

Starting Apr 1, the IRDAI has mandated all the insurance policies to be given digitally in line with the regulations prevailing to safeguard policyholder information. Policyholders from henceforth should open an e-insurance account instead of just physically keeping the policies. Doing so, allows managing all the insurance policies at one place

The decision to digitization is supported by four insurance repositories: CAMS, Karvy, NDML, and Central Insurance Repository of Inda. Customers have to open e-insurance account in any one among the four repositories and keep their insurance policies safe. IRDAI has introduced an industry service called i-Trex to prevent duplicate creation of eIAs across all these repositories.

What is an E-Insurance Account?

It’s a secure account to manage our insurance plans (life insurance, health insurance, etc.) It is done to eliminate needless hassles associated with paperwork. It can be considered equivalent to how investors share their shares in their demat account.

How to get an e-insurance Account (eIA)

To get an eIA, the policyholder needs to download and fill the eIA from the chosen repository. The form needs to be submitted along with KYC documents to an approved person or can be couriered to the repository from where you are applying

What are the Documents required to open an eIA?

The following documents are required to open an eIA apart from the filled up form

  1. Recent Passport Size Photograph
  2. PAN Card
  3. Address Proof
  4. Identity Proof
  5. Proof of Date of Birth
How long does the eIA application process take?

After you complete KYC and send your application, it will be verified and processed. The verification process normally takes a week and the eIA would be operations within seven working days after the application

Converting existing policies to e-Policies

Fill the policy conversion form with the policyholder’s name, e-Insurance account number, and the company name. This should be submitted to the concerned insurance repository or the agent allocated to you. After conversion, the policyholder will be let known through SMS and email

Benefits of eIA

  • Simply and hassle free insurance management, easier to access
  • Completely secure, eliminates the risks associated with losing/tearing up of physical documents
  • eIA facilitates seamless communication between the insured and the insurance company. For example, if you edit your contact details in the eIA portal, all your insurers will have the updated details. Similarly, all the updates from the insurance portals will be visible in your eIA
Important points to note regarding eIA
  • The process of Opening an eIA is completely free

Once your policy is in eIA, the physical copies of your policies become invalid

FAQs (Frequently Asked Questions)

What is E-Insurance?

E-Insurance refers to electronic insurance policies. Instead of physical documents, your policy details are stored electronically in an e-Insurance Account (EIA).

Is E-Insurance mandatory?

Yes, for all new insurance policies issued after April 1, 2024, having an e-Insurance Account and storing the policy electronically is mandatory. This applies to all types of insurance, including life, health, and general insurance.

What about existing policies?

Existing policies won’t be converted to e-Insurance automatically. However, you can contact your insurer to link your existing policies to your e-Insurance Account for easier management.

Do I need a separate e-Insurance Account for each insurer?

No, you can have one e-Insurance Account to store policies from all your insurers.

Can I still get a physical copy of my policy?

Yes, upon request, your insurer can still provide a physical copy of your e-Insurance policy.

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