Insurance Repository offerings with a provision to open e-Insurance Accounts were launched precisely one year back. As of now this provider isn’t always a remarkable success.
The important purpose being low recognition approximately e-insurance account. Also, the insurance industry did no longer marketplace this provider aggressively.
Last week, LIC (Life Insurance Corporation) tied up with 5 Insurance Repositories to allow its policy-holders to manipulate their insurance guidelines through a unmarried online account.
In this put up, let us understand – what is coverage repository? Benefits of preserving e-Insurance Account?
What is Insurance Repository (IR)?
“Insurance Repository” approach a company which has been granted a certificate of registration by using Insurance Regulatory and Development Authority (IRDA) for preserving information of insurance rules in Electronic form on behalf of Insurers.
The Insurance Repositories offer the benefit of maintaining coverage policies issued in an electronic shape.
The fundamental objectives of IR are :
- To offer coverage policy-holders a facility to preserve insurance rules in electronic form (dematerialized shape)
- To offer policyholders a facility for for converting, modifying and revising the insurance regulations on-line.
- To act as a unmarried forestall for policy servicing wishes.
- To bring about the performance and transparency inside the issuance and preservation of insurance policies.
What is e-Insurance Account?
E-Insurance Account is an internet repository machine wherein you can electronically shop all your coverage policies and hold your coverage portfolio.
It is a unique Account range (13 digit) and every account holder can be granted a completely unique Login ID and Password to get admission to the digital rules on-line.
Like shares/mutual budget, you could get admission to the coverage regulations’ information electronically. The e-Insurance Account may be opened with the following five entities.
- NSDL Database Management Limited
- Central Insurance Repository Limited
- SHCIL Projects Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited
Benefits of e-Insurance Account
The following are the wide advantages of conserving Insurance Policies in electronic shape:
- The insurance policies are saved in electronic form. The threat of losing the policy bonds is avoided.
- The information of the insurance guidelines may be accessed from anywhere and anytime.
As of now, Life insurance policies can be saved in digital shape. From December 2014, the insurance repositories will extend their services to save the fitness,motor, pension and all sort of coverage policies.
- Service requests like ‘alternate of cope with’ may be submitted to your e-insurance account. The IR will replace the same on all the guidelines which might be related to the e-insurance account. There isn’t any want to go to all the insurers.
- One time KYC (Know Your Customer). No KYC repetition when you buy new guidelines.
- You can get the declaration of account approximately the information of the regulations from IR.
- There isn’t any price worried for the policy-holders to open an e-Insurance Account. It is free of cost.Insurance Repositories are paid through the insurers for their services.
- Premiums for all the regulations may be paid on line Policy blessings like moneyback installments /survival blessings/claims may be paid electronically via the registered bank a/c of the policyholder.
- An authorized representative may be appointed by the e-Insurance account holder to function his/her account in case of unfortunate death. Nominee and authorized consultant can be the equal person.
- The e-Insurance Account holder will have an option to shift from one Insurance Repository to the opposite.
- You can opt out of this provider every time.
- When you are shopping for a new insurance policy, quote your e-Insurance account range in the suggestion shape. Request the insurance company to problem the coverage in digital form.
- You also can upload the prevailing insurance regulations for your e-Insurance account.
- A listing of all rules which can be credited might be to be had within the e-Insurance Account. For every policy, info like the reputation, commencement, maturity/expiry, nomination, mission, endorsement, deal with, phrases and conditions and so on., might be to be had. In addition, the e-Insurance Account holder may be capable of download a copy of the policy bond.
Documents required for starting an e-Insurance Account
- e-Insurance Account form
- Photocopy of ID proof
- Photocopy of Address proof
- Cancelled cheque
- Passport length photograph
How to open e-coverage Account ?
- Through any of the IR branches / Approved Persons (an Approved Person is a Point of Sale (PoS) appointed by means of Insurance Repository and may be running on behalf of Insurance Repository to extend the IR services ) OR
Through insurance companies.
- Complete the form and sign it. (SHCIL eIA Form – Karvy eIA Form – CIRL eIA Form – CAMS eIA Form – NSDL eIA Form)
- Attach the required KYC documents with the utility shape and publish it.( Carry the authentic documents for verification)
- eIA can be opened inside 7 days of the receipt of the utility form from the applicant.
Once e-Insurance Account is created, you’ll receive a welcome package. A pin mailer will be sent separately.
- Using the login credentials and PIN, you could get admission to and start the usage of your e-Insurance Account.
- The list of IR branches or Approved Persons’ info are to be had at the respective businesses’ web sites. You also can publish those documents along with your coverage corporation.
It is expected that IRDA may also soon make e-insurance Account mandatory. IRDA is likewise making it mandatory for all of the coverage businesses to have a tie up with all of the Insurance Repositories.
Kindly word that an person may have only ONE e Insurance Account across Repositories. I wish this submit is informative. Do percentage your studies in case you already have e-Insurance Account.