What is e-insurance? Does it merely mean the facility of paying your premium through online transactions? E-insurance is much more than just a payment option. Let’s understand E-insurance in detail.
An E-insurance is all about opening up an electronic insurance account (EIA) which enables you to manage, update and track all your insurance policies (general, life, health, etc.) at one place, on the web, irrespective of the bank or insurance company from which you have bought them.
With E-Insurance your insurance policies’ database is organized in an efficient manner. It nullifies your chances of misplacing, losing or damaging (as a result of theft or weathering) your policies because it’s paperless and it allows you to access your policy papers, online, within seconds.
You can open an E-Insurance Account (EIA) only with an Insurance Repository that has been authorized by the IRDA (Insurance Regulatory and Development Authority). Currently, there are only four IRDA registered Insurance Repositories that have the control over opening E-Insurance Accounts –
NSDL (National Securities Depository Limited)
Central Insurance Repository Limited
CAM (Computer Age Management Services)
No bank or insurance company can create an E-Insurance Account but they, apart from an Approved Person (AP) or agent of an Insurance Repository, can provide the form required to open an EIA with any of the aforesaid four repositories.
You don’t need to waste your time in long queues or skip office to access and fill the form. It can be filled online and even your KYC (Know Your Customer) documents – address proof, ID proof, photo, etc. – can be submitted online with a simple scan. Once the authenticity of your documents is verified, your EIA will be activated within 7 days of filling up the form. The added advantage of having your documents uploaded with the Insurance Repository is that next whenever you plan to purchase a new insurance policy, your already verified KYC documents will be readily available for the perusal of the insurer. This speed up the process of buying new policies in a hassle-free manner.
It’s not necessary that only prior policyholders can only open an EIA or you mandatorily need to buy an insurance policy immediately after opening one. You can easily open an EIA even if you don’t have a single policy and can buy your policies, later on, entirely depending on your convenience.
The best part is that all these facilities are provided to you free of cost!
Now that you know how beneficial an E-Insurance can be, open your EIA today but for the most beneficial online health insurance plans in the country, get connected with ManipalCigna right now.