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(Speaking to an insurance advisor is purely voluntary and insurer doesn’t offer any cashback on same).
An Authorised Representative is a person who is appointed by the e-Insurance Account (eIA) holder to operate his/her eIA in case of:
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.
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.
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.
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).
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.
An e-Insurance Account (eIA) application form is a form that you can use to open an eIA with the Insurance Repository.
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.
An e-Insurance Account (eIA) holder or policyholder is required to:
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.
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.
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:
Every Insurance Repository has a Policyholders' Grievances Cell to address grievances related to repository services and electronic policies held by them.
‘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.
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.
There are no charges on any of the services provided by Insurance Repositories.
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.
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.
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.
No. As per the IRDA guidelines, an individual cannot open multiple e-Insurance Accounts (eIAs).
Yes. Authorised Representative can be changed by making an online request to the Insurance Repository.
Yes, 'Nominee' and 'Authorised Representative' can be the same person.
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.
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.
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.