Insurances give lots of benefits in return for a nominal cost every month. Different health insurance plans come with their own unique set of providing the insurer with a detailed account of all previous health issues and operations. Having insurance is an added benefit for financial security in case of sudden emergencies like accidents and illnesses. All these insurances come with a ton of important papers and documentation.

That is what e-insurance account (eIA) is all about. This service is geared towards the goal of modernizing and more easily managing the user’s insurance multiple insurance portfolios. The user’s insurance portfolios are held in an account that integrates all the user’s life, pension, health, and even general insurance policies and securely holds them in digital form.

This detailed guide will help you on how to open an e-insurance account and will tackle all pertinent issues you might have. By the end of the guide, all your policy records will be linked, and you will possess the right knowledge to digitalize with certainty.

What is an e-Insurance Account (eIA)? A Quick Overview 

An e-Insurance Account is akin to a demat account for your insurance policies. A demat account electronically stores physical share certificates. In a similar fashion, an eIA maintains your insurance policies in a digital, or ‘dematerialized’, form. This account is opened with an eIA with an Insurance Repository, a company licensed by the IRDAI to electronically maintain data of insurance policies on behalf of the insurers. 

The benefits are immediate and far-reaching: 

• Ultimate Protection: Policies, once digitized, are impervious to risks of fire, theft and damage. You cannot lose a document that is digitized. 
• Unmatched Convenience: Policies can be retrieved from a single online application, eIA. You do not need to contact several insurers to understand the specifics of your motor, health, or life policies. 
• Simplified Changes: Have your contact details changed? With an eIA, you do not need to worry about your details being updated automatically across all policies linked to your account, you do not need to inform each insurer individually.
• Consolidated Annual Statement: You are given an annual account statement which is consolidated and summarised, containing all of your policies, which enhances your comprehension of your insurance portfolio.

It is important to emphasise that this account is fully functional and regulated by the IRDAI, rigorously maintaining all protocols of functionality and safety. You can open your eIA account with any of the four Insurance Repositories Approved by the IRDAI:

• Centrico Insurance Repository Limited (CIRL) (Formerly CDSL Insurance Repository Limited)
• CAMS Insurance Repository Services Limited (CAMSRep)
• Karvy Insurance Repository Limited
• NSDL Database Management Limited (NDML)

Are there any E Insurance Account Charges? The Good News!

This is one of the best features of this service. Whenever one is contemplating using a digital financial service, the first and foremost question that usually comes to mind is that of pricing. The good news is, there are no charges with respect to the e Insurance Account for policyholders.

There are no e-Insurance Account charges for any part of the process of opening or keeping an e-Insurance Account. All parts of the process are designed to be user-centred. The Insurance Repositories receive payment directly from the insurance companies for servicing the Electronic Policies. So, you gain the peace of mind, ease of use, and hassle-free administration of the electronic insurance policies without any charge at any point in time. The entire free e-Insurance account registration process in which the account can be opened free of charge has been designed to incentivize policyholders to use this safe and easy to use system.

The 5-Step Guide: How to Open an e-Insurance Account

There are no delays and the process of opening your digital insurance vault can be completed in under 10 minutes. The process can be broken down into five easy steps as outlined below.

Step 1: Choose Your Insurance Repository (IR) and Start Registration

The next stage of the process involves picking one of the four Insurance Repositories which the IRDAI Authorises. They are similar in offering the fundamental service of holding policies electronically, but their customer service is weaker for one or two of the other Repository competitors. You can check their websites to see the services.

After selecting your IR, go to their homepage and click on “Open eIA” or “Register for e-Insurance Account”. This will begin the free e-Insurance account registration process.

Step 2: Completing the form by providing the requisite details. 

You can choose to Directly Open a FREE account on the chosen Insurance Repositories website which is recommended since it’s in your control. Second option is to select the Insurance Repository while buying any new Insurance Policy while filing the proposal form with the Agent or Online you get to choose and select the same. Kindly note it is mandatory for the Insurance Company or Broker to give you the choice of choosing the Insurance Repository. In case you choose Direct Opening through Centrico Insurance Repository Limited (CIRL) on their website at www.cirl.co.in, it is very simple as below.

• Do one time registration of your Mobile and Email address. 
• Mobile Number: This is needed for receipt of OTPs and other general communication. 
• Email Address: This is your signed account where statement and other critical information would be sent. 

It goes without saying that every detail you fill is utmost importance to the speed of the verification process, thus making accuracy and alignment with your official correspondence crucial. 

Step 3: Complete Your e-KYC Verification

For the safety and verification of your account, you are required to conduct a KYC (Know Your Customer) verification as mandated by IRDAI. This step is required for every financial account, and it is quite simple. 

You will typically have a few options for e-KYC:

• Aadhaar-based OTP: Since Aadhaar covers both Proof of Identity and Proof of Address and available to verify online, this is the fastest and simplest method. Verification is based on the entry of a three-tier security. First, you enter you Aadhaar number. Second, an OTP is sent to the mobile number registered with that account. Once successfully verified you shall be intimated of your eIA account opening via your registered email and mobile number.
• DigiLocker Integration: Several repositories give you the option to authenticate your identity by linking to your DigiLocker account where you have the already verified documents like Aadhaar and PAN card.
• Or Document Upload: If you wish, you can upload the scanned copies of your proof or identity which has your photograph and proof of address. Generally, PAN card image and a valid proof of address like Aadhaar, passport, or driving license. This option of document upload will have a wait time of 2 working days if documents are validated by the company manually.

Completing this step verifies your identity with the repository, thereby completing this step.

Step 4: Receive Your Unique eIA Number

After submitting your application and successfully completing e-KYC verification, the Insurance Repository will then process your request and grant you a unique 13-digit e-Insurance Account number. This will be sent to you via SMS and email, usually within a couple of minutes.

This eIA number serves as your sole identification within the digital world of insurance. This will enable you to exercise control over all policies under your name. As with a bank account, this number should be saved in a private and secure location.

Step 5: Link (Map) Your Existing and New Policies

 Having provided you with your eIA number, the next step is to use it to connect the other insurance policies that you hold to your account.

• With respect to existing policies: link your current physical policies to your new eIA. To do this, you may either log into your eIA portal, submit a “policy mapping” request, or go straight to your insurance providers. Complete a short form, provide your unique eIA number, and the insurer will electronically convert and credit your physical insurance policy document to your eIA.
• With respect to new policies: this portion of the process is perhaps the most straightforward. On your next insurance policy purchase, whether it be for life, health or motor, simply provide your 13-digit eIA number on the proposal form. The insurer will electronically issue the policy directly to your eIA. No paperwork is required.

Can You Open e-Insurance Account (eIA) Without an Existing Policy?

A frequently asked question is whether one needs to have a current insurance policy to be eligible to open an account. The answer is a clear and simple NO. It is possible to open e-Insurance account (eIA) without an existing policy.

Indeed, this method is helpful to almost everyone who intends to purchase insurance in the years to come. After opening the eIA, you will already have your unique account number. When you are ready to buy your first policy, this number will allow you to receive the policy electronically on the day of purchase, as you will be using the eIA number at the time of purchase. This demonstrates the proactivity of the initiative, which eases the burden of converting a physical policy to a policy eIA, thus making your first purchase of insurance hassle-free and devoid of paperwork.

Conclusion:

In the world today, holding on to papers for insurance when everything is digital seems dangerous and highly unproductive. Backed by IRDAI, the e-Insurance Account initiative is a game-changing policy that allows you to store and manage your insurance portfolio like never before and with the highest level of security.

Opening the account is free of charge and along with the five simple steps in this guide, which will help you consolidate your policies and eliminate the endless stream of paperwork that you have to process. It is a straightforward and highly protected method to manage your finances. Start today and take the first steps to streamline the way you manage your insurance by eliminating the paperwork to ensure you have an organized and stress-free process.