Key Features and Benefits of An e-Insurance Account


5 min read

Updated on Apr 30, 2023

Your purchased insurance policy is a critical document that deserves to be preserved safely. For, it is your only backup in case of any emergency when there can be a huge expenditure involved. With insurance in hand, you can expect to be covered to a large extent for all those expenses. Now what happens if you have more than one such insurance policy? Say, one for health, one for accident coverage, one for life insurance? How easy is it to preserve all of them for record and quick reference? To make things simpler for you, there is the option of creating an e-Insurance account.

Just like you maintain files and folders at home to keep all your important documents safely at one place for easy reference, the same way one can create an e-Insurance account online to gain easy access to all your insurance policies in one single click.

In a world of digitalization, insurance is no exception. Know all about the e-Insurance account, its key features and top benefits in this blog.

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What is e-Insurance Account?

e-Insurance account is the short form of Electronic Insurance Account, and is also commonly used as the acronym e-IA. It gives the policyholder the flexibility to have their own online insurance store, providing quick and easy access to save and manage all their different insurance policies.

For instance, if you possess a life insurance policy, a health insurance plan, an accidental insurance cover, and more, you can store them all in your e-Insurance account for quick reference to each of them whenever required.

All these different insurance plans stored at one place under the e-Insurance account are then called e-insurance policies.

Key Features of an e-Insurance Account

Now that we know what an e-Insurance account means, let’s understand some of its key features before deciding to open one:

  • Since e-Insurance refers to an online repository of all insurance policies, it can be easily accessed online via web or mobile platforms. You would even have your very own account number (unique to each policyholder) and login credentials (ID and password) for accessing your e-Insurance account.
  • As the account is unique to you, it is understood that each individual has only one e-Insurance account. This ensures complete safety and security of the account holder.
  • The e-Insurance account is also helpful in buying an insurance plan online. All you need to do is enter your e-Insurance account number in the proposal form in order to request the insurance company for policy issuance online. This saves a large amount of time and hassle in applying for a policy.
  • Convenience is key with e-Insurance accounts. This means that you can easily store all your online insurance plans purchased (even from different insurance companies), such as general insurance, life insurance, health insurance or mediclaim, pension plans, and the like.

Benefits of Holding e-Insurance Account

Here are some of the top advantages of opening an e-Insurance account:

  1. Ease of payment: Just like the account is online, e-IA allows for payment of premium for the plan via online modes as well. This is fairly convenient to most policyholders.
  2. Security is prime: The best part about holding an insurance account online is that there is absolutely no risk of losing the policy document or it even being stolen or damaged in any way. The soft copy of the policy would always remain safe and secure in your e-Insurance account and you can refer to it quickly as and when needed.
  3. Ease of tracking: Saving multiple insurance policies from different insurers all at one place also means that each policy can be easily tracked under one common account. This saves a lot of unnecessary confusion.
  4. Single KYC required: This is another advantage offered to e-Insurance account holders. You only need to submit your KYC documents just once while buying a single insurance policy. For all the other additional policies that you buy, KYC is not required. You would then only need to submit your e-Insurance account number, thereby saving time and unnecessary hassle in the process.

How to Open an e-Insurance Account?

Just like an online insurance policy is convenient and hassle-free, so is the process of opening an e-Insurance account. Here’s how you can open one:

Step 1: Go to any one of the following repositories –

  • Central Insurance Repository Limited
  • CAMS Repository Services Limited
  • NSDL Database Management Limited
  • Karvy Insurance Repository Limited

Step 2: Download the form, titled e-Insurance Account Opening Form, from the chosen repository in Step 1.

Step 3: Fill in the form duly with all the required details. Attach the documents required for opening the account along with the filled form for submission. These may include a canceled cheque, date of birth proof, passport size photograph, and the like.

Step 4: Submit the form at the chosen repository along with the self-attested KYC documents and other required documents from Step 3.

Once you complete all of the above steps, your e-Insurance account would be open and ready to use.

Read More: Electronic Insurance Accounts – Know Everything?

Wrapping Up

When the whole world has moved towards digitization, it only makes sense for the insurance industry too to catch pace with the trend. This is why more and more insurance companies in India are slowly moving towards e-Insurance to allow their customers ease of access and convenience. Several policies from multiple insurers can easily be stored and accessed quickly from a single point of storage with an electronic Insurance account.

Besides, with an online insurance account, you can also proceed with purchasing a new insurance policy online. This saves a considerable amount of time and effort and makes the entire process extremely simple and hassle-free. e-Insurance is definitely the way forward in the world of insurance.

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PayBima Team
PayBima is an Indian insurance aggregator on a mission to make insurance simple for people. PayBima is the Digital arm of the already established and trusted Mahindra Insurance Brokers Ltd., a reputed name in the insurance broking industry with 17 years of experience. PayBima promises you the easy-to-access online platform to buy insurance policies, and also extend their unrelented assistance with all your policy related queries and services.

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