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New e-Insurance Rule in India from April 1st, 2024

As of April 1st, 2024, India has witnessed the implementation of a groundbreaking e-insurance rule. This new e-insurance policy has directed us to a new era of digitization in the insurance sector.

  • 1,925 Views | Updated on: May 30, 2024

India has introduced a new e-insurance rule requiring all new insurance policies to be issued exclusively in electronic format, akin to shares held in a demat account.

Key Takeaways

  • With the new e-insurance rule, an eIA consolidates all policy-related documents, simplifying tracking and management.
  • Maintaining an e-insurance account can prove highly advantageous, particularly for individuals with multiple insurance policies from various providers.
  • eIAs are managed by four repositories: CAMS, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.
  • Existing physical policies can be retained, but converting them to e-policies is an option.

Under the new e-insurance rule 2024, all freshly issued insurance policies must adopt an electronic format, akin to the storage of shares in a demat account. This transformation aims to streamline insurance management processes and reduce reliance on cumbersome paperwork.

What is the new e-Insurance Rule in India from April 1st, 2024?

The new e-insurance rule in India, implemented on April 1st, 2024, mandates that all new insurance policies be issued in electronic format. This is similar to how shares are held in a demat account. Let us take a look at what’s in with the new e-insurance rule:

  • E-Insurance Accounts (eIA): You will need an eIA to hold these electronic policies. Four repositories manage eIAs: CAMS Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India.
  • Digital format only: From April 1st onwards, insurance companies are required to issue policies solely in this digital format.
  • Existing policies: This rule applies to new policies only. You can keep your existing physical policies as they are. However, you also have the option to convert them to an e-policy if you wish.

What is an e-Insurance?

Electronic Insurance Policy or e-insurance refers to the actual insurance policy document stored electronically in your e-Insurance Account (eIA). It is the digital version of a traditional paper policy.

Your electronic insurance policies will be stored within an e-Insurance Account, or eIA, a demat account designated for this purpose. You will have the convenience of managing all your insurance policies—be it life, health, or general insurance—through this e-Insurance Account.

In India, there are four insurance repositories—CAMS Insurance Repository, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India—through which you can open e-Insurance accounts.

Benefits of an e-Insurance Account

The user-friendly features of e-insurance highlight its simplicity and convenience. Additionally, there are numerous benefits that policyholders can enjoy by utilizing e-insurance. Highlighted below are some of the key benefits associated with an e-insurance account:

Consolidated Statement of Accounts

Policyholders receive an annual statement of accounts from the insurance repository detailing all the insurance policies held by them.

Single KYC Requirement

Upon opening an e-insurance account, policyholders are only required to submit their KYC documents once. Subsequently, there is no need to resubmit the same documents when purchasing new insurance policies. Instead, the e-insurance account number can be provided for policy acquisition.

Convenient Updates

As individuals relocate or update their contact information over time, these changes can be easily managed through the e-insurance portal. This online process offers greater convenience compared to physically visiting a branch. With an e-insurance account, policyholders can effortlessly modify their details with just a few clicks.

Consolidated Documentation

A significant advantage of e-insurance is the centralization of all policy-related documents in one location. This consolidated view provides policyholders with easy access to track and manage their insurance policies whenever necessary.

Steps for Opening an (eIA) e-Insurance Account

The process of opening an e-insurance account is straightforward and involves two simple steps:

Step 1: Complete the eIA Form and Provide KYC Documentation

Begin by downloading the eIA form from the repository’s website. Fill out the form accurately, providing details such as your address, contact information, bank account details, and other required information. Additionally, specify the details of the individual you wish to appoint as the Authorized Representative. Once all information is provided, attach the necessary KYC documents.

Step 2: Submit the Form

The next step in opening an eIA account is to submit the completed form. If applying online, you can directly submit it through the repository’s website. For offline submissions, the form can be submitted via an Approved Person designated by the insurance repository. Following submission, the repository will verify the details and proceed to open your e-insurance account.

Upon completion, the insurance repository will furnish you with a welcome kit containing login credentials to access your newly opened account.

Documents Required to Open an (eIA) e-Insurance Account

To open an e-insurance account, you need to have the following documents with you:

  • Aadhaar, passport, driving license, or PAN card for identity verification
  • Aadhaar card, bank passbook, landline or postpaid bills, voter ID card, or ration card for address verification
  • Passport, municipal birth certificate, or Aadhaar card for date of birth verification

How to Convert an Existing Policy to an e-Insurance Account?

The new e-insurance rule requires converting existing policies to e-insurance. The initial step involves establishing an e-Insurance Account (eIA), where digital policies can be securely stored. To initiate this process:

Open an eIA

Download and complete the eIA form available from any of the four designated insurance repositories: CAMS, Karvy, NSDL Database Management (NDML), or the Central Insurance Repository of India.

Fill Conversion Form

After creating the e-Insurance Account, complete a separate Policy Conversion Form for each insurance policy from different companies. Essential details such as the policyholder’s name, policy number, e-insurance account number, and company name must be provided in this form.


Submit the duly filled conversion form separately or alongside the eIA opening form to the nearest approved person or insurance branch office. For NSDL, the nearest Approved Person can be located on the website of NDML.

Upon successful conversion, policyholders will receive confirmation via SMS and email. It is important to note that once the conversion is finalized, the physical policy certificate becomes invalid.

Key Factors to Consider Before Opening an e-Insurance Account

Here are some key factors to consider before opening an e-Insurance Account (eIA) as per the new e-insurance rule:

Choosing a Reputable Repository Manager

Select a well-established repository manager with a strong track record of security and reliability. These entities (CAMS, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India) are responsible for securely storing your e-policies and ensuring their accessibility whenever you need them.

Understanding the Terms and Conditions

Carefully review the terms and conditions associated with opening an eIA account. This will help you understand any fees, charges, or limitations involved. For instance, there may be a dormancy fee for inactive accounts or a fee for retrieving a physical copy of your e-policy in some cases.

Security Measures

Ensure the eIA provider implements robust security measures to protect your personal and financial information. Look for two-factor authentication and encryption protocols to safeguard your sensitive data.


Consider how easily you can access and manage your eIA account online. The platform should be user-friendly and accessible from various devices, such as smartphones, tablets, and laptops.

Customer Support

Make sure the eIA provider offers reliable customer support in case you encounter any issues with your account. This could include assistance with accessing your account, resetting your password, or resolving any policy-related questions.


The introduction of the new e-insurance rule in India marks a pivotal moment in the evolution of the insurance landscape. By embracing digitalization and leveraging e-Insurance Accounts (eIAs), policyholders can enjoy greater convenience, efficiency, and accessibility in managing their insurance portfolios. As moving forward into this digital age, both insurers and policyholders need to adapt to these changes seamlessly, ensuring a smoother and more secure insurance experience for all stakeholders.

FAQs on the New e-insurance Rule


What’s the new rule about e-insurance?

A: As of April 1, 2024, all new insurance policies in India must be issued electronically and stored in an e-Insurance Account (eIA).


What’s an e-Insurance Account (eIA)?

It’s an online platform that holds all your electronic insurance policies (e-policies) in one place. You can think of it as a demat account for insurance.


Do I need a new account for existing policies?

No. This rule applies only to new policies. Your existing paper policies remain valid. However, you can convert them to e-policies if you wish.


How do I get an e-IA?

You can open an eIA with any of the authorized repositories in India: CAMS, Karvy, NSDL, or CIBIL. Your insurer can also help you set one up during policy purchase.


Are there any benefits to an e-IA?

Yes, eIAs offer convenience (manage all policies online), security (reduced risk of losing documents), and transparency (easier access to policy details).


What if I’m not comfortable with online accounts?

You can still keep your existing paper policies. However, e-insurance offers many advantages. Most eIA platforms are user-friendly and secure.

- A Consumer Education Initiative series by Kotak Life

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