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All You Want To Know About E-Insurance

10 June 2022, 12:48 PM

The advent of the digital world has made it very easy for everyone. Whether it is buying groceries or getting your address updated on an important document, you can do everything while sitting at home with the help of a few buttons. One such very handy digital tool is e-insurance. 

What is e-Insurance?

E-insurance is a service that allows you to organise all your insurance plans under one account and operate them from a single place. 

e-Insurance is not a different type of insurance policy. When you do not have your insurance policies in the physical form but keep them safely locked in an online platform with a user id and password, it is called e-Insurance.

Take a look at this article to know more about e-insurance and how it helps you.

Beneficial Features of E-insurance 

  1. The mechanism of e-Insurance
    So how exactly does e-insurance work? It works by opening an online insurance account, which is similar to an online bank or demat account. 
    There are five service providers in India presently who offer this service. You can open an online insurance repository account under any one of these service providers. Your account then becomes a storage unit for all your insurance documents. You can store multiple life insurance plans in one account, without having to worry about the policy documents getting misplaced. All the information related to your life insurance plans gets stored in a single location.
  2. How to open an e-Insurance account?
    It is very easy to open an e-insurance account. First, you need to select a service provider. Once that is done, fill out the application form. Submit your KYC documents, along with a cancelled cheque. Your account will be created within seven working days and you will receive a PIN with which you can operate your account. The service providers authorised to open e-insurance accounts in India are:
    • NSDL Database Management Limited
    • Central Insurance Repository Limited
    • Karvy Insurance Repository Limited
    • SHCIL Projects Limited
    • CAMS Repository Services Limited 
  3. Safekeeping of details
    The biggest advantage you get is that your policy documents and other life insurance related data get saved securely in the e-insurance account. Even after your death, your nominees can easily locate your policy documents and initiate claims. 
  4. One location
    A major benefit you get after opening an e-insurance account is that all your insurance data gets treated as a single unit. You, therefore, do not need to submit documents to different insurance companies when updating common information, such an address change. You can submit a single KYC document to the e-insurance service provider and the new address will begin to reflect on all your insurance plans. This saves time and effort. 
    Single e-Insurance Account
    Since your eIA or your e-Insurance account is linked to your PAN number, there cannot be 2 different eIA for the same person. All your insurance-related documents, claim, etc. need to be stored in the same account. Thus, accessing them all becomes super easy.
  5. Single point of payment
    When you have an e-insurance account, you can pay all your life insurance premiums at one place. You need not visit the individual websites of the different insurance companies. This helps you to be more efficient, quick and timely with your life insurance premium payments.
  6. Easy to buy a new plan
    Purchasing a new life insurance plan becomes very simple when you have an existing e-insurance account. All you have to do is inform the insurer about your e-insurance account number. Since your KYC verification is already done and your documents are all present, you do not have to undergo those steps again. You can just pay the premium and own a new life plan effortlessly.
  7. Free of charge
    The best part about having an e-insurance account is that it does not cost you any money. Yes, that is correct! The e-insurance account is a free service you get from the service providers listed above. The payment is done by the insurance company and as a customer, you get to enjoy the benefits of e-insurance free-of-charge.

The best part is ALL your insurance policies, like life, health, travel, motor, etc. can be stored online in your single e-Insurance account. 

Keeping all the points mentioned above in mind, it can clearly be seen that e-insurance is tremendously beneficial. It is easy to use and inexpensive as well, so if you have not opened your e-insurance account yet do so at the earliest!

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