Things You Should Know About E-Insurance Accounts

3 min read

The world is going digital. Thanks to the initiatives taken by our current Prime Minister, India is not behind. Internet has become so popular that you can buy anything online; right from a needle to a car. The digital platform is fast, secure and convenient. That is why it is no wonder that besides conducting transactions, the online medium is also used for storing data. You can store all your important files online and find them when you want. Just like you use a demat account for share trading, eInsurance Accounts have been introduced in the context of insurance. Have you heard about them?

  • What are eInsurance Accounts?: An eInsurance Account is an online account which stores all your insurance related information. The account has the details of all types of insurance policies purchased in your name. So, whether you have a life insurance plan, health insurance plan, travel insurance plan or a car insurance plan, every detail of the different policies would be stored in your eInsurance Account.
  • Who can open an eInsurance Account?: There are approved repositories who are allowed to open an eInsurance Account in your name. You would have to approach any one of these approved repositories for opening your account. The repositories are NSDL Database Management, Central Insurance Repository, CAMS, KARVY, etc.
  • iTrex: iTrex is the Central Index Server which is the online platform used by insurance companies and insurance repositories to check eInsurance Accounts and exchange KYC data of policyholders. iTrex was formed to protect the privacy of both policyholders and the client database of insurance companies. All your insurance policies are stored at iTrex. Your KYC details are also stored on the website. This eliminates any mis-match of data as there is one dedicated website holding your insurance and KYC details.
  • Advantages of having an eInusrance Account: Why would something appeal to you if it doesn’t have advantages? Right? Well, eInsurance accounts definitely have advantages. Here’s what they are:
    • There is no ambiguity in accessing any insurance-related information. Every detail is available at the click of some buttons. Even when you are travelling abroad, you can see your policy details online.
    • There is a uniform flow of information.
    • There is no fear of losing your insurance policies. While hard copies of policy documents might be lost or damaged, soft copies do not have these risks.
    • Your insurance policies are linked with your PAN Card and Aadhar Card. Thus, all your information is matched and chances of frauds are eliminated.
    • Even insurers benefit from this since they can verify the proposer’s details online through iTrex and prevent themselves from possible frauds.
    • You don’t have to furnish your KYC details every time you buy a policy. Since your KYC details are stored online you can simply furnish your eInsurance Account number and the insurance company can get your details.
  • How to open an eInsurance Account?: The process of opening an eInsurance Account is quite simple. You just have to follow the below-mentioned steps:
    • Choose the repository you want to open your account with.
    • Furnish your KYC documents to the repository which would be used to open your eInsurance Account.
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Gayatri Prabhu, Head-Digital Business at Mahindra Insurance Brokers Limited (MIBL) is one those few digital leaders who has the width and depth that is required to execute an ROI driven holistic digital strategy. She cuts through the noise, identifies the critical levers and leads her team to successful execution of the defined strategy. Her core mantra to win new and retain existing customers is: understand the consumer behavior and craft experiences around it.

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