E-Insurance Account (EIA)

You must know of demat accounts which hold stocks and other forms of investments. Similar to a demat account, the insurance sector has an e-insurance account. An e-insurance account is a virtual account for all your insurance policies, from insurance to life to motor and others, you name it. The policies that are stored in such accounts are called an e-insurance policies.

E-insurance accounts, more commonly referred to as eIA accounts, offer you the benefit of not having to maintain the physical policy documents. Also, at the same time, you can manage all the policies in one place.

You will need to submit your KYC documents only once and the KYC for every subsequent insurance purchase will happen automatically. Such eIA account service is available to everyone for free.

The Insurance Regulatory and Development Authority of India (IRDAI) has authorized the following entities to act as repositories for insurance. These repositories are granted the power to open e-insurance accounts. They are as follows:

• NSDL Database Management Ltd

• Central Insurance Repository Ltd

• Karvy Insurance Repository Ltd

• CAMS Repository Services Ltd

An individual needs to fill the application form required to open an e-insurance account. Such forms are available with your insurance company, the insurance repositories, or an approved person.

The first step to opening an e-insurance account is to fill the application form on the repositories’ website. After filling the application form, you need to provide a photograph and attach a self-attested copy of your PAN card, an address proof, your proof of birth, and a cancelled cheque.

Submit the form with the requisite documents to the nearest branch of your insurer. The account gets activated within seven days of successfully submitting your application form.

You must note that an e-insurance account can be opened for individuals only. However, you can store multiple policies from different insurers in one place. Your e-insurance account is assigned a unique number that is mentioned as a reference point for future correspondences.

This unique account number can be used while purchasing new policies. You can thus ensure that new insurance plan purchases are issued electronically and stored in this account. Your insurer does not require KYC as you have already completed this procedure while acquiring the e-insurance account. A login ID and password are issued to each account holder, which can be used to view the policies.

Remember to use this piece of information and keep up with the e-generation. Aditya Birla Capital offers health insurance plans in electronic format which can be stored in your eIA account. Remember to stay protected with the hassle-free storage of all your health insurance plans using this facility! You can read through more such topics such as ‘Dependents’, ‘Claim Settlement Ratio’ and more on our glossary blog articles.