How To Open E Insurance Account | E Insurance Account Opening Steps
How To Open E Insurance Account
The E Insurance Account is the first choice of Insurance Regulator and Development Authority and mostly preferred by them. Today India is departing towards digitization. Users can keep all their insurance policy documents in a de-materialized form via the insurance repository. But online procedure is not too straightforward, so a question arises in your mind How to Open E Insurance Account, if you have authentic guidelines, then you can avail of this tremendous facility so we presenting the inclusive e Insurance Account Opening Steps.
This insurance is the complement part of “demat account” which is really significant for the insurer. By this system, you can maintain all your insurance policy documents in electronic appearance just like as stocks, mutual funds, and bonds, keeping in “demat account”. It is an outstanding online facility through which you can check your details easily.
E Insurance Companies
IRDA has permitted only five associations who can manage all the data of policy holders in demat format on behalf of insurance companies. The five companies which have obtained this approval by Insurance regulatory and development authority are as under;
- NSDL Database Management Limited
- SHCIL Projects Limited
- Karvy Insurance Repository Limited
- Central Insurance Repository Limited
- CAMS Repository Services Limited
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Applying Procedure For E Insurance Account
E Insurance Account Opening Steps
- You can submit the e Insurance Account request by filling the eIA application form through online.
- After completion of a form, take a printout of your application form.
- Then submit your form with all the essential details.
- Check your details on the nearest Approved Person.
- Then your eIA number will be generated.
- If you don’t get details, you may save the request and complete it later.
- After completing the form, note the Acknowledgement Number.
KYC Documents Required
While submitting the e-Insurance Account application forms you need some important documents and kindly carry Original copies of below mentioned documents for the verification
- Id proof
- Address proof
- DOB certificate
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You can open e insurance account online as well as offline. If you want to open your e insurance account offline, then download the form and take out it’s print out. Fill the application form without doing any error. Paste your passport sized photograph Attach all the documents with your form. Then submit your form to the approved person who has appointed by Insurance Regulatory and Development Authority (IRDA). Applicant also visit to his insurance branch, you can also submit your form there.
How To Convert Physical Insurance Policy To E-Insurance
- First of all, open your e-insurance account (eIA) by any insurance repository which is Free of charge.
- At first time to open eIA account is mandatory then you can convert any no. of physical insurance policies.
- You can your physical policy into e-insurance policy offline as well as online.
- Users can not applicable to multiple eIA accounts.
- Before purchasing this policy you need to quote eIA number.
- If you posses general policy it takes 7 days to create an account.
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Benefits Of Having An E-Insurance Account
Safe & Convenience
It is the best in view of safety because there is no risk of loss or damage of a policy. It ensures that the policies are in safe custody and can be easily accessed when it is required. All insurance policies are electronically held under a single e-insurance account that means all the confidential details available at one place and you can access them as per your suitability. Just log on the online portal of Insurance Repository and access all the details.
Insurance providers carry few branches which are authorized to accept specific service request but large number of insurance repository has extensive network where the customer can take avail with its wide service network.
Online Payment And Payout
For all e-insurance policies, you can pay premium online and at the similar time you can receive maturity amount, money-back etc though registering on your bank account without any insurance repository.
E-document is recognized specially for its environmentally friendly characteristic. Usually when you visit to purchase a new policy, you don’t need to visit via KYC verification unless there is a change in your KYC facts previously recorded.
An E Insurance is the insurance complement of a demat account that holds dematerialized insurance policies. India is the 1st country to issue e-insurance policy. In layman terms, online insurance is such policy which is bought online but stored either as physical insurance policy or e-insurance.