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e-Insurance Account FAQs

e-Insurance Account FAQs

  • Who is an Authorised Representative and what is his/ her role?

    An Authorised Representative is a person who is appointed by the e-Insurance Account (eIA) holder to operate his/her eIA in case of:

    • Unfortunate demise of the eIA holder, or
    • Incapability of the eIA holder to operate the account

    The Authorised Representative will intimate the Insurance Repository about the demise/incapability of the policyholder with a valid proof. The Authorised Representative would only act as a facilitator and is not entitled to receive any policy benefits unless designated as a 'nominee' or 'assignee' by the deceased policyholder.

  • Who is an Approved Person (AP)?

    An Approved Person is a Point of Sale (PoS) appointed by the Insurance Repository, who works on behalf of the Insurance Repository to extend its services.

  • What is the procedure to effect changes in my policy or e-Insurance Account (eIA)? Should the request be made to the Insurance Company or Insurance Repository?

    All requests with respect to either your e-Insurance Account (eIA) or any of the electronic policies should be made to the Insurance Repository. However, policy requests can also be made directly to the Insurer concerned.

    Upon receiving a request, the Insurance Repository will directly handle all servicing needs that fall within its scope and would forward any other service requests to the Insurer concerned. The Insurance Repository also provides an update to the policyholder on the status of the request received.

  • What kind of policy details will be available in the e-Insurance Account (eIA)?

    A list of all the policies that are credited will be available in the e-Insurance Account (eIA). For each policy, complete details like the status, commencement, maturity/expiry, nomination, assignment, endorsement, address, terms and conditions, etc., will be available. In addition, the eIA holder will be able to download a copy of the policy bond.

  • What is an e-Insurance Account (eIA) application form? Where can it be obtained from?

    An e-Insurance Account (eIA) application form is a form that you can use to open an eIA with the Insurance Repository.

  • What are the requirements for opening an e-Insurance Account (eIA)?

    An e-Insurance Account (eIA) holder or policyholder is required to:

    1. Fill the eIA form
    2. Submit the following documents to the Insurance Repository or Insurance Company or Authorised Person (AP) appointed by the Insurance Repository:
      • PAN OR UID (Aadhar) Card
      • Address Proof
      • Date of Birth Proof
  • How many days does it take to open an e-Insurance Account (eIA) after all the necessary formalities are completed?

    An e-Insurance Account (eIA) will be opened within 7 working days from the date of submission of the duly filled application. Once an account is opened, a welcome kit providing the details of how to operate the same would be sent to the applicant or eIA holder.

  • If I already have an e-Insurance Account (eIA), how do I buy a new policy in electronic form?

    Once you have opened an e-Insurance Account (eIA), to buy a new policy in electronic form, you just need to quote your unique eIA Number in your new insurance proposal form and make a request to issue a policy online.

  • How will I come to know that my policy is successfully credited into my e-Insurance Account (eIA)?

    You will receive an email and SMS on your registered e-mail ID and mobile number after your policy is successfully credited to your e-Insurance Account (eIA).

  • What is an e-Insurance Account (eIA) ?

    An e-Insurance Account (eIA) safeguards all insurance policy documents of policyholders in electronic format. It provides the policyholder access to the insurance portfolio at the click of a button through the internet. IRDA has granted a Certificate of Registration to the following five entities, authorised to act as 'Insurance Repositories' for opening eIAs:

    • M/s Central Insurance Repository Limited
    • M/s NSDL Database Management Limited
    • M/s SHCIL Projects Limited
    • M/s Karvy Insurance Repository Limited
    • M/s CAMS Repository Services Limited
  • What is an Insurance Repository?

    ‘Insurance Repository’ is a company that is formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by the Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in electronic form on behalf of Insurers. Insurance Repositories provide the ease of holding insurance policies issued in an electronic form.

  • What is the objective of an Insurance Repository?

    The objective of creating an Insurance Repository is to provide policyholders a facility to maintain insurance policies in an electronic form and to undertake changes, modifications and revisions to the insurance policy on a real-time basis. In addition, the Repository acts as a single point of contact for several policy-related service requirements. The Insurance Repository system is extremely accurate and transparent in the issuance and maintenance of insurance policies.

  • Can I open an e-Insurance Account (eIA) without having a life or non-life policy for my own self?

    Yes, an individual who does not have any insurance policy can also open an e-Insurance Account (eIA). After buying a policy, the policyholder can request for dematerialization to the Insurance Company, the Insurance Repository or the Approved Person.

  • What are the benefits of holding Insurance Policies in electronic form?
    1. Safety: Unlike paper policies, electronic policies do not face the risk of physical damage or loss. Besides, in the electronic mode, policies can be easily accessed through the account at any time.
    2. Convenience:All insurance policies, be it life, pension, health or general, can be electronically held under a single e-Insurance Account (eIA).
    3. Single Point of Service:Service requests with respect to the eIA or other electronic policies can be submitted at any of Insurance Repository service points. A single request can sometimes cater to the requirements of several Insurers.
    4. Higher Efficiency:To buy a new electronic insurance policy under an existing eIA, you do not need to go through KYC verification all over again, if there are no changes in the KYC data already recorded in your account. For any change in personal details, you can submit a single request to your Insurance Repository and it will be updated across all insurance companies.
    5. Faster Service: An increased number of touch points provide faster service and cater to the servicing needs of policyholders.
    6. Easy Payout Transfers: Policy benefits will be paid electronically to the registered bank account, thus ensuring faster and convenient settlement.
    7. Single View: A single view of all policies will be made available to an Authorised Person in the unfortunate event of death of the eIA holder.
  • What is the grievance redressal mechanism of the Insurance Repository?

    Every Insurance Repository has a Policyholders' Grievances Cell to address grievances related to repository services and electronic policies held by them.

  • What are the charges for maintaining policies in electronic form?

    There are no charges on any of the services provided by Insurance Repositories.

  • Which are the insurance policies that can be held in an electronic form?

    All life insurance, health insurance, general insurance and annuity policies issued by IRDA registered insurance companies that have tied up with Insurance Repositories are eligible to be held in electronic form.

  • How will I come to know that my e-Insurance Account (eIA) has been opened and how will I receive my User ID and Password?

    Once the e-Insurance Account (eIA) is created, you will receive a welcome kit. A PIN mailer will be sent separately. Using the login credentials and PIN, you can access and start using your eIA.

  • How will an Authorised Person deal with the e-Insurance Account (eIA)?

    After the demise of the e-Insurance Account (eIA) holder and after settlement of all insurance claims, the Authorised Representative needs to make a request to the Insurance Repository to close the eIA.

  • Can an individual open more than one e-Insurance Account (eIA) with any Insurance Repository?

    No. As per the IRDA guidelines, an individual cannot open multiple e-Insurance Accounts (eIAs).

  • Can an Authorised Representative be changed?

    Yes. Authorised Representative can be changed by making an online request to the Insurance Repository.

  • Can 'Nominee' and 'Authorised Representative' be the same person?

    Yes, 'Nominee' and 'Authorised Representative' can be the same person.

  • Can I convert my existing paper polices into electronic policies?

    Yes, you can convert your existing paper policies into electronic form. A service request needs to be sent to the Insurance Repository, the Insurance Company or the Approved Person in this regard. If you are holding policies with different insurers, then you can apply for separate applications for conversion to the respective Insurer.

  • Is it possible to shift from one Insurance Repository to another?

    Yes, the e-Insurance Account (eIA) holder will have an option to shift from one Insurance Repository to another Repository. All the policy details and transaction history will then be transferred to the new Insurance Repository.

  • Is it possible to opt out of the Insurance Repository System?

    Yes, the policyholder shall make a request to his Insurer and upon completion of all formalities, the hard copy of the policy document will be provided to him/her.