Must know things about E-Insurance Accounts

Life insurance. Health insurance. Car insurance. Travel insurance. Fridge insurance. Even mobile insurance. There are numerous insurance policies that you need to take out nowadays. The paperwork is enormous. And, keeping the policies safe is a headache. Remembering the due dates of premiums to be paid can cause a lot of anxiety. To resolve all these problems, you can open an e-insurance account with any of the authorized repositories where you can store all your policies electronically, and manage things online very easily. The Insurance Regulatory and Development Authority of India (IRDAI) launched the scheme in 2013, providing a license to four entities to run these repositories, namely:
• CDSL Insurance Repository Limited
• Karvy Insurance Repository Limited
• National Insurance-policy Repository by NSDL Database Management Limited, and
• CAMS Insurance Repository Services Limited

The idea is to store all your insurance policies electronically under a single e-insurance account online, making it easier to manage all aspects of your policies with a single click. For instance, if you wish to make an address change, you just have to change it in your e-insurance account, and it will automatically get updated in all your policies held in the repository. Even making premium payments has become easier than ever with these e-insurance accounts.

There are primarily five salient points you should know about e-insurance accounts, as follows:
• Safe and secure: Storing all your insurance policies in one e-insurance account ensures their safety and security. It obviates the risk of theft or loss. Besides, you can access it anywhere, at any time and on any device.
• Convenient: With just one electronic account, you can get access not just to various insurance related services, but also from different insurance providers. For example, you can take out a health insurancefrom any provider and store it in the e-commerce account.
• All-in-one KYC database: You need to just submit your KYC documents once, and they will be applied to all your policies as and when you take them out, and get updated in your current policies too.
• Tracking policies: Now tracking your insurance policies in the repository has become easier than ever. You can easily get policy statements, account details, and monitor all aspects of all your insurance policies.
• Paying premiums: You can easily pay premiums now after activating your e-insurance account and storing all your policies in it. Your e-insurance account will send you reminders of premium payments as an when they become due, so that you do not have to worry about missing out on the payment of a premium, resulting in the policy being cancelled, as it happens mostly in health insurance policies.

KYC Documents Required for Opening an E-Insurance Account
In order to open an online insurance account, all you need is to submit the following documents.

  1. Your Latest Passport Size Photo
  2. A Cancelled Cheque
  3. Any one of the following KYC (Know Your Customer) documents:
    • Identity Proof- Voter Identity Card, PAN Card or Aadhaar Card.
    • Address Proof- Ration Card, Driving License, Aadhaar Card etc.
    • Date of Birth Document- Ration card, PAN Card, Domicile Certificate, etc.
    Once your submitted application is accepted, an account number along with the login id and password will be allotted to you. With your credentials, your online insurance account is one click away.

Now It’s Your Turn…
You’ve just seen how beneficial is having an e-insurance account…
Now it’s time to put this learning into practice. Remember, a lot of people are already reaping the multiple benefits of e-insurance and now, it’s your turn.