April 17, 2024

Below the Insurance coverage Regulatory and Growth Authority of India’s (IRDAI) Safety of Policyholders’ Pursuits laws, insurance coverage companies should solely subject digital insurance policies as of April 1, 2024.

The Central Insurance coverage Repository of India, Karvy, NSDL Database Administration (NDML), and the CAMS Repository will make it simpler for insurers to supply insurance policies in digitised type as required by the brand new rules.

What Is An E-Insurance coverage?

E-insurance, because the title implies, is simply the acquisition of insurance coverage protection on-line. An e-Insurance coverage Account, or eIA, is a demat account the place digital insurance coverage insurance policies are saved. Utilizing an e-Insurance coverage Account, one might handle all insurance coverage insurance policies—life, well being, and common.

How To Open An eIA

  • Go to the official web site and obtain the eIA opening type in your desired insurance coverage repository.
  • Together with the KYC papers, full and submit the e-Insurance coverage Account Opening Kind.
  • Ship the finished type to the insurance coverage firm department for which you might have a coverage and any needed supporting documentation.
  • The applying will likely be processed by the accredited particular person or insurance coverage firm when the e-Insurance coverage Account Opening Kind has been verified utilizing the unique KYC papers.
  • Carry the unique KYC paperwork with you once you flip within the type to the approved particular person.
  • After making use of, the account will likely be totally processed and created in 7 days.

Paperwork Required For eIA

  • Latest passport-size {photograph}
  • PAN card
  • Date of delivery doc
  • Identification proof
  • Handle proof

Steps To Convert An Current Coverage To An E-Insurance coverage Account

  • Present the policyholder’s title, coverage quantity, e-insurance account quantity, and insurance coverage firm title on the Coverage Conversion Kind.
  • Ship the finished Coverage Conversion Kind and the e-Insurance coverage Account Opening Kind to the insurance coverage firm department that’s closest to you, or one other designated particular person.
  • Clients will get electronic mail and SMS alerts verifying the credit score of the coverage to their e-Insurance coverage Account when the conversion process is completed.

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