As you may be aware, effective April 1st, 2024, all insurers must offer insurance policies exclusively in electronic form. E-insurance refers to a demat account for storing insurance policies. An e-Insurance Account (eIA) allows you to handle all of your insurance policies, whether they are life, health, or general insurance.
You no longer need to retain a physical record of your policy documentation, so this eIA will ensure that there will be less paperwork and will be hassle-free when filing claims. All insurance documentation will be stored in a single location with this account, and this also enables you to combine many insurance policies from various providers into a single digital account. It is simple to use, convenient, and saves time and effort. It should be noted, however, that you have the option of receiving the policy paperwork in physical format from your insurer if so desired.
In India, you can create this e-insurance account with any of these four insurance repositories – CAMS Insurance Repository, Karvy, NSDL Database Management, and Central Insurance Repository of India. These insurance repositories provide safe storage for your policies, allowing you to retrieve and access them whenever needed.
This e-Insurance Account (eIA) serves as an interactive platform for insurance firms and the policyholders. If you have to modify any data, such as your contact number or address, you may do so in the eIA, and all of your insurers will be notified. Similarly, if your insurer has any updates for you, you may view them on your account. Hence, it will be easy to adhere to your policy.
When purchasing a new insurance policy, you can choose under which repository you wish to create your e-insurance account, and the insurer will do so on your behalf. You must provide the relevant documentation, such as KYC documents. You may also open elAs straight from repositories. You don’t have to pay anything to create an eIA because your insurer will cover those costs.
It is worth noting that you will only have one eIA for all of your insurance policies. So, unlike numerous demat accounts, you can only have one eIA. Policyholders should be aware that the Insurance Regulator currently provides no particular instructions for transferring existing policies to digital format. However, you may check with your insurance company to see if they provide the digital service for the existing policies as well.
