4 min read
The term electronic insurance account can be described as being a new entrant in the insurance markets in India.
Electronic insurance accounts are also referred to as eIA or e-insurance accounts. It means a portfolio of insurance policies that are held by a policyholder in the digital medium with an insurance repository. The main aim of such an account is to help you – the policyholder – to keep track of all the insurance policies that you are investing in. This could include all kinds of policies – life and non-life – as well as policies from various insurers. The best thing about this is that everything is in one place.
In a sense, an electronic insurance account is a lot like a demat account that keeps all your securities in one place. This also means that you can access them at any time and place of your choice provided you have a functional internet connection and a device that works on the same.
The benefits of these accounts may be enumerated as below:
So, as you can see, there are plenty of benefits of an electronic insurance account eIA. When you have such an account you do not have to worry anymore about losing your policy documents or misplacing them for that matter. With the eIA it becomes easier for you to get access to many policies at the same time. This way, you can change the details of your policy such as your address, get all the information about the upcoming premiums, and pay your premiums as well.
So, now we can assume that you know the electronic insurance account meaning as well as the benefits of the same. This is one of the most convenient ways to manage your insurance policies. It helps you get a lot of work done with little effort and time. In fact, this can also prove to be beneficial for the various individuals you have nominated to be helped by your insurance investments.
The electronic insurance accounts were launched by the IRDAI (Insurance Regulatory and Development Authority of India) at zero charges so that the policyholders and insurers could go paperless. The main aim over here was to achieve a greater level of digitization when it came to processing claims settlements and buying insurance. As we have said already, you can access these accounts from any time and place of your choice. Much of the credit, in this case, needs to be given to the digital nature of the same. This means that no longer do you have to worry about losing or misplacing your insurance documents.
You can now use the electronic insurance accounts to download these documents as and when you want to. Through the eIA it also becomes possible for you to make changes to your insurance information at any time and place that you want to. Once you have made a change to any one policy in such an account the same detail would be correspondingly updated in all the other policies as well. Since in these cases the policy is being issued digitally there is no longer any need to physically apply for claims under the policy.
You must have an electronic insurance account eIA if you want to hold your insurance policies digitally. Once you have opened an eIA you can use it to hold all your insurance policies in a digital format. So, there is no need to open a separate eIA for each of your insurance policies. All you have to do is inform the insurer to add a policy to the eIA that you have already opened. There are two ways in which you can go about this. You can open it online by performing the KYC (know your customer) formalities.
Else, when you buy a policy from any insurer you can ask it to open an electronic insurance account on your behalf and deposit that policy in that particular account. The thing with the first process is that you can complete it totally online and there is no need for any paperwork here. For this, you would have to download the Aadhar XML (Extensible Markup Language) file and upload the same to complete the verification. To be able to do this your phone number must be linked with your Aadhar. In the second case, you would have to provide proof of address and identity such as a PAN (Permanent Account Number) Card, driver’s license, or Aadhar Card.
However, please remember that there can only be one owner of an electronic insurance account. There cannot be joint holders in these cases. Also, you can include only life, health, and vehicle insurance policies in these accounts. If you are holding any insurance in the physical form you can add it to the eIA as well. All you have to do is to create the account and share the details of the policy such as the name of the insurer and policy number.
So, when you open an electronic insurance account eIA it helps you keep your policies safe. The electronic format is also immensely helpful for you as well as your nominees. This is because it consolidates all the various insurance policies that you have in a single account. This way, your near and dear ones too have a resource of information that comes in handy during crucial occasions. There are a few things that you need to keep in mind in this regard. You can get an eIA for the existing policies that you are holding physically.
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