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all about term insurance

E-Insurance Account and Its Benefits

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E-Insurance Account BenefitsBuying insurance today is available at the click of a button. Thankfully the digital era brought with it significant changes in the insurance sector also. If you have opted for any insurance after April 2014, you already are part of E-insurance or electronic insurance.

The insurance regulator Insurance Regulatory and Development Authority (IRDA) has shortlisted various companies and granted them right to maintain data of insurance policies in electronic form on behalf of various insurers. These companies known as 'Insurance Repositories' are authorized to open e-Insurance Accounts. The name of the four certified insurance repositories are:

  • NSDL Database Management Limited
  • Central Insurance Repository Limited
  • Karvy Insurance Repository Limited
  • CAMS Repository Services Limited

Benefits of E-insurance

With E-insurance you can manage all your insurance policies under a single account just as you use a demat account to hold all your stock certificates and mutual fund units. You no longer need to worry about loosing the physical copy of your insurance document come rain or shine. Tracking details, changing nomination, updating KYC details are all now possible at the click of a button.

Major benefits of E-insurance at a glance

  • All insurance policies are available in a single platform digitally stored in a secured electronic format.
  • Ease of access of policy details of any policy at any time without having to worry about locating the physical policy documentation.
  • Single consolidated view online using multiple devices to evaluate various insurance policies.
  • Alerts for premium deadlines and policy renewal reminders to linked accounts like email or text message reminders. This leads to better monitoring of policies helping avoid any unnecessary policy lapses.
  • No worry about the loss or damage of the original policy document.
  • E-insurance is absolutely free for the policyholder and the service comes at no additional cost.
  • Once E-insurance account is opened and KYC documents are submitted, no need to resubmit KYC details for future insurance policies.
  • Easy change for any contact detail changes like change of address etc for all policies.
  • In the event of death of an E-insurance account holder, the authorized representative or nominee as appointed by the account holder can view all the policy information. Relatives of the deceased are no longer in the dark about any known or unknown insurance policies the deceased may have opted for during his or her lifetime.
  • A policyholder can change the insurance repository if services are not as per expectations.
  • Even an individual having no insurance policy can open an e-insurance account for future needs.
  • You can convert older insurance policies into e-polices and store them in E-insurance account with ease. 
  • Opening of an E-insurance account is fast and can be done within 3 working days.
  • One individual can open only one E-insurance account hence reducing any chances of multiple accounts or frauds associated with insurance.

E-insurance benefits to insurers

E-insurance accounts are helpful for insurers and agents as well as it allow them the advantage of cost reduction. Insurance companies no longer have to spend a high volume of money towards printing of physical policy documents. This leads to cost advantages as well as managing all dispatching costs for each individual policyholder. The electronic record of all policies means that even insurers are aware of details of the policy. This means they can now contact the insurance holder much faster using details submitted in the e-insurance account like email or SMS through submitted mobile number.

So if you haven’t opted for an e-insurance account, do it today!