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eInsurance-1

What is Electronic Insurance Account (eIA) account?

E-Insurance Account is a digital repository of all your insurance policies- life, health or any other insurance.

An Electronic Insurance Account (eIA) is a digital tool that solves the following problems:

  • How do I safely store my loved ones’ and my own insurance policies (life and non-life)?
  • How can I easily look up any of our insurance policies, anytime, anywhere?
  • How can I update contact detail across all policies ?

To do so, an eIA maintains multiple insurers' policies in a single online account under an authorised Insurance Repository.

Repositories for eInsurance or electronic insurance account

Insurance Regulatory and Development Authority of India (IRDAI) has granted the Certificate of Registration to the following four entities to act as 'Insurance Repositories':

  • NSDL Database Management Limited
  • Central Insurance Repository Limited
  • Karvy Insurance Repository Limited
  • CAMS Repository Services Limited

Only these companies in India are authorized to open eIA accounts and to provide proposer/policyholder a facility to keep insurance policies in electronic form.

Yes! I want the ease and convenience of an eInsurance Account.

Register my eIA account

3 Key Features & Benefits You Must Know of eInsurance Account

Features:
  • Platforms
    One Person, One Account, Multiple insurers

    One place to store all insurance policies.

  • Digital Storage
    Digital Storage

    No more lost or mislaid files or damaged documents.

  • Zero Cost
    Zero Cost

    No opening or maintaining charges. No hidden costs.

Benefits:
  • Ultimate Convenience
    Ultimate Convenience

    Access your policies anytime, anywhere!

  • Easy documentation
    Easy documentation

    Changes in contact details get auto-updated across all life insurers.

  • Streamlined Management
    Streamlined Management

    Manage and track multiple policies effortlessly.

  • Physical to Electronic Ease
    Physical to Electronic Ease

    Convert old, physical policies into e-policies

  • Online Premium Payments
    Online Premium Payments

    Pay your premium online with ease.

FAQs
As per the Guidelines on Insurance repositories and electronic issuance of policies, a proposer who has policies on his own or who proposes to take insurance policies can open an eIA.
eIA cannot be opened by a minor as the eIA has to be of a proposer and the proposer cannot be a minor.
No, eIA cannot be opened in joint names.
No, as per Insurance Regulatory and Development Authority of India (IRDAI) guidelines, individuals are allowed to have only one eIA within and across Insurance repositories.
Yes, you can open an eIA even if you do not hold any policies currently. Later on, when you want to buy a policy, the same can be issued in electronic format. In such a case, it will be credited to your eIA if you mention your eIA number at the time of buying the policy.
Yes, eIA opening is a one-time process. Once an eIA is opened, you will be able to get a credit of all the insurance policies in the same account.
No, currently it is not compulsory to hold the policies in electronic form. If you have an eIA, you may choose to hold some policies in electronic form and some policies in physical form.
Yes, it can be done. It is up to the eIA holder; they may hold some policies in physical form.
Submitting the physical original policy documents at the time of submitting the conversion request is at the discretion of the respective insurance company. Once the policy is credited in electronic form, the physical copies may not hold any significance.
No, policyholders can open an eIA free of cost.
It’s very simple. If you have already opened an eIA, you just need to submit a policy conversion form to your insurance company or approved persons.
FAQs on Authorized Representative
An Authorized Representative is like a trustee to the e-Insurance Account (eIA) and has to be deputed by eIA holder. An Authorized Representative is a person appointed by eIA holder who can access eIA in the event of the eIA holder's demise or in his/her incapacity to access the eIA. The Authorized Representative can only access the e-Insurance Account and know the portfolio of insurance policies.
No. Applicant is not required to provide any documentary proof for the same. It is mandatory to provide details of Authorized Representative in eIA opening form, these details include Name, Date of Birth, Gender, Relationship with eIA holder.
No, Authorized Representative will get access to eIA only in the event of eIA holder's demise or in his incapacity to access the eIA. As an eIA holder you may appoint a family member, nominee of any policy, friend, etc as Authorized representative.
Yes, eIA holder has a right to change Authorized Representative.
Yes, authorized representative details can be changed online by eIA holder.
Yes, nominee can be appointed as authorized representative.
No, minor can't be appointed as Authorized representative.
Authorized representative will have to approach National Insurance Repository or to Approved Person and produce documentary evidence regarding demise or incapacity of eIA holder to operate eIA. Upon verification National Insurance Repository will issue login id and password to authorized representative, who will have read-only access of eIA.
If eIA holder opts to intimate Authorized Representative regarding his/her appointment, then an email is sent by National Insurance Repository to authorized representative informing his appointment as authorized representative.
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