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Ref. No. KLI/22-23/E-BB/492
An e-Insurance Account (eIA) is a secure online platform on which all insurance policies can be viewed and managed from one location, regardless of the insurance provider.
Managing multiple insurance policies can be overwhelming, especially when you are constantly worried about losing important documents or keeping track of renewal dates. That is where an Electronic Insurance Account (eIA) comes to your rescue. But what is eIA in insurance, exactly?
To explain this simply, it is a secure, digital account where you can store, manage, and access all your insurance policies in one place. Convenient right? Whether you have life, health, or vehicle insurance policies, an e-Insurance Account can make your life easier by providing a central hub for all your insurance needs.
An e-Insurance Account (eIA) is a secure digital gateway to managing your insurance policies in India, even if they are from different insurance companies. The eIA full form in insurance stands for Electronic Insurance Account. By opening an eIA, you get a unique eIA number that allows you to access, manage, and keep track of your policies online, eliminating the need for physical documents. In short, an eIA offers a safe and convenient way to manage your insurance details in one secure space.
Are you wondering what an eIA number means? It is your unique account number assigned to your digital insurance account, much like a bank account number, but specifically for your insurance policies.
Four organizations have been certified by the Insurance Regulatory and Development Authority of India (IRDAI) to operate as “Insurance Repositories,” allowing them to establish Electronic Insurance Accounts (eIAs). These entities are NSDL Database Management Limited, Central Insurance Repository Limited, Karvy Insurance Repository Limited, and CAMS Repository Services Limited. Here is how to open an e-Insurance Account:
An insurance repository is a trusted platform authorized by the IRDAI that securely stores and manages your insurance policies electronically. It is like a digital locker specifically for your insurance documents. You can manage all your policies (from different insurers) in a single eIA (Electronic Insurance Account) linked to the repository. This provides a consolidated view and simplifies policy tracking.
The emergence of electronic insurance accounts in India has revolutionized the way people manage their insurance policies. These accounts, offered by Insurance Repositories licensed by the IRDAI, provide a list of benefits to policyholders. Let us take a quick look:
When you store your policies in an eIA, you do not have to worry about losing important documents or having them damaged. Its electronic format shields your insurance policy from theft and misplacement. Also, an electronic insurance account lets you conveniently access your insurance policy at any location and time with a simple click.
Access to account statements becomes hassle-free with an electronic insurance account, allowing you to track your insurance policies conveniently.
Here is a perk that saves you a lot of hassle. With an eIA account, you only need to submit your KYC (Know Your Customer) documents once. This lessens repetitive paperwork and makes it much simpler to buy and manage new policies. After your first submission, all your future policies can be linked to the same eIA without resubmitting.
An eIA account offers an extremely user-friendly interface. You can easily update your personal information, add new policies, and change your Authorized Representative (the person who can access your account on your behalf). All this can be done online, making it highly convenient.
Another great feature of an electronic insurance account is that it gives you a consolidated overview of all your insurance policies in one place. So you can check all your policies with different companies on a single platform and manage them seamlessly with an e-Insurance account.
Opening an eIA account does not incur any charges, making it cost-effective for policyholders.
Embracing innovations like an electronic insurance account can be a strategic move for policyholders. It not only simplifies how you track and handle multiple policies but also offers enhanced security, convenience, and transparency. Whether you are dealing with life, health, or any other type of insurance, an e-Insurance account is the modern way to keep everything organized and accessible at your fingertips.
So, now that you know what is e-Insurance, it is the perfect time to open an eIA and enjoy a seamless, paperless insurance management experience.
1
You will need identity proof, address proof, and your PAN card, along with a recent photograph and a filled-out application form to open an e-Insurance Account.
2
You can convert your paper policies into electronic format by submitting a request along with relevant documents to your chosen Insurance Repository.
3
No, opening an electronic insurance account is free. However, some repositories may charge nominal fees for specific services.
4
No, you can have only one e-Insurance Account with any Insurance Repository.
5
An Authorized Representative is someone you allow to access and manage your e-Insurance Account if you are unable to do so. It can be any trusted individual you choose.
6
Yes, you can change the Authorized Representative by submitting a request to the Insurance Repository, along with the necessary documents for authentication.
7
Yes, your Nominee and Authorized Representative can be the same person if you choose.
Amit Raje is an experienced marketer who has worked in various Fintechs and leading Financial companies in India. With focused experience in Digital, Amit has pioneered multiple digital commerce in India. Now, close to two decades later, he is the vice president and head of the D2C business department. He masters the skill of strategic management, also being certified in it from IIMA. He has challenged his challenges and contributed his efforts in this journey of digital transformation.
Prasad Pimple has a decade-long experience in the Life insurance sector and as EVP, Kotak Life heads Digital Business. He is responsible for developing user friendly product journeys, creating consumer awareness and helping consumers in identifying need for life insurance solutions. He has 20+ years of experience in creating and building business verticals across Insurance, Telecom and Banking sectors
Features
Ref. No. KLI/22-23/E-BB/2435
The information herein is meant only for general reading purposes and the views being expressed only constitute opinions and therefore cannot be considered as guidelines, recommendations or as a professional guide for the readers. The content has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Recipients of this information are advised to rely on their own analysis, interpretations & investigations. Readers are also advised to seek independent professional advice in order to arrive at an informed investment decision. Further customer is the advised to go through the sales brochure before conducting any sale. Above illustrations are only for understanding, it is not directly or indirectly related to the performance of any product or plans of Kotak Life.
