Under the Insurance Regulatory and Development Authority of India’s (IRDAI) Protection of Policyholders’ Interests legislation, insurance firms must only issue digital policies as of April 1, 2024.
The Central Insurance Repository of India, Karvy, NSDL Database Management (NDML), and the CAMS Repository will make it easier for insurers to provide policies in digitised form as required by the new regulations.
What Is An E-Insurance?
E-insurance, as the name implies, is only the purchase of insurance coverage online. An e-Insurance Account, or eIA, is a demat account where electronic insurance policies are kept. Using an e-Insurance Account, one may manage all insurance policies—life, health, and general.
How To Open An eIA
- Go to the official website and download the eIA opening form for your desired insurance repository.
- Along with the KYC papers, complete and submit the e-Insurance Account Opening Form.
- Send the completed form to the insurance company branch for which you have a policy and any necessary supporting documentation.
- The application will be processed by the approved individual or insurance company when the e-Insurance Account Opening Form has been verified using the original KYC papers.
- Bring the original KYC paperwork with you when you turn in the form to the authorized individual.
- After applying, the account will be fully processed and created in 7 days.
Documents Required For eIA
- Recent passport-size photograph
- PAN card
- Date of birth document
- Identity proof
- Address proof
Steps To Convert An Existing Policy To An E-Insurance Account
- Provide the policyholder’s name, policy number, e-insurance account number, and insurance company name on the Policy Conversion Form.
- Send the completed Policy Conversion Form and the e-Insurance Account Opening Form to the insurance company branch that is closest to you, or another designated individual.
- Customers will get email and SMS alerts verifying the credit of the policy to their e-Insurance Account when the conversion procedure is finished.
