Do I Need An E-Insurance Account and How Do I Use It?

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Yes, e-Insurance is mandatory for all new insurance policies in India issued from 1st April, 2024. The IRDAI mandates that all new policies, including life, health and general insurance, must be issued in electronic form, requiring an e-Insurance Account (eIA) for storage.


With the increasing digitisation of insurance services, policy management through the eIA portal not only reduces paperwork but also prevents document loss.


What is an E-Insurance Account?


An e-insurance account is the smartest and simplest electronic portal for securely storing an individual's insurance policies. It serves as a locker for all your insurance policies, accessible at any time, including life insurance, health insurance, and other general insurance plans.


Do You Need an E-Insurance Account?


The use of e-insurance accounts is very useful for people looking to manage their insurance policies in an organised manner. For those with more than one insurance plan, e-insurance accounts ensure that all these policies are stored in one place, reducing the risk of loss.


Here are the key reasons:



  1. It eliminates the risk of losing physical documents and provides easy access from anywhere, at any time.



  1. You can easily manage multiple policies from different insurers through a single platform, reducing repetitive KYC submissions.



  1. Updating nominee details and changing addresses is made easy.



  1. Since all policies are stored in one place, the claim process becomes easier.


How to Open an E-Insurance Account?


A step-by-step guide is given below:


Step 1: Download the eIA of Insurance Repository of your choice:



  1. CAMS Repository Services Limited



  1. NSDL Database Management Limited



  1. Karvy Insurance Repository Limited



  1. Central Insurance Repository Limited


Step 2: Fill out the account-opening form available on the repository sites.


Step 3: Then, you need to submit the form with self-attested PAN or Aadhaar card details.


Step 4: Once your documents are verified, you will receive an E-Insurance Account number to use when purchasing new policies or even converting the existing ones.


Additionally, you need to submit your photo ID, a recent passport-size photograph, a cancelled cheque and address proof to the Insurance Repository office.


How to Use an E-Insurance Account?


To use your eIA account, you need to first log in to the repository’s portal to see all your policies in one place.


Other than this, you can use your eIA for:



  1. Viewing annual statements detailing all your insurance holdings.



  1. Change your address or contact details once for all policies through the repository.



  1. Accessing easily online premium payment options.



  1. You can use the portal for free.


Final Words


Having an e-Insurance Account makes it easy to manage all of your insurance policies. The use of an e-Insurance Account provides the benefits of security, paperlessness, and convenience in processing claims and other matters.