e-Insurance Policies-e Insurance Account-eIA
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What Is e-Insurance Policies-e Insurance Account-eIA
The world is moving towards using less paper and to electronic records, especially financial records.
Shortly you too can get and maintain your insurance policies in electronic form. IRDA has issued guidelines relating to insurance repositories and electronic issuance of insurance policies.
What You can Do With e-Insurance Policies-e Insurance Account-eIA:
- Maintain, store and retrieve your policies and the information in them easily
- You can modify or revise your insurance policies with speed and accuracy
- It will help increase efficiency and transparency
- It will reduce the cost of issuing and maintaining insurance policies
How To Open An e-Insurance Policy Account-e Insurance Account-eIA Account
A policyholder can open an e-insurance account with any of the Insurance repositories approved by Irda.
To open an e IA, you need the fill out an account opening application form of the Insurance Repository along with the necessary supporting documents. Application Forms would be available in all offices of the Insurance Repository, once they are operational. They can also be downloaded from the respective website or you can fill out an application online at the website). You can also contact your Insurance Advisor (Agent) for an application form. You can submit the signed e IA application form at any Insurance Repository office. If you are applying to open an e IA at the time of buying a new Insurance Policy, it may be best to hand over the e IA form, along with the insurance proposal form, to the Insurance Company.
To open an e IA, you need to necessarily have either a PAN or Aadhar number. When submitting your e IA application, please ensure that you provide copies of your PAN or Aadhar, Address Proof and proof of date of birth, along with a passport size photograph. You also need to show the original of address proof for verification (the list of acceptable address proof documents is given elsewhere).
Advantages Of Having e-Insurance Policy Account-e Insurance Account-eIA Account:
- If you have policies from multiple insurance companies, they can be stored in the same account.
- If your policies are stored in the electronic form, you don’t run the risk of losing the physical documents.
- It will become easier to track your policies as the details will be available at one place. You won’t have to go to different offices anymore.
- Your paperwork will reduce. With the repository as the single point of service, updating details like change of address or nomination will become easier, faster and more reliable.
- The policyholder has to pay nothing to open an e-insurance account or hold the policies in the demat form. All the services provided by insurance repositories are also free.
- You don’t need to pay anything for converting the existing policies into electronic form. The insurance companies will recoup their costs from the savings in policy issuance and delivery.
List of IRDA Approved Insurance Repositories-IRDA Approved electronic Insurance Policy Account Providers