FAQs on e-Insurance account
What is Insurance Repository?
IRDAI has introduced the IR system to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.
What is the objective of an Insurance Repository?
The objective of creating an insurance repository is to provide policyholders with a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy.
What is an eIA (e-Insurance Account)?
eIA is an electronic account opened by a person with an insurance repository wherein the portfolio of insurance policies of policyholder is held in electronic form.
What is e-insurance policy?
e-insurance policy is a policy document which is an evident of insurance contract issued by an insurer digitally signed in accordance with the applicable provisions prescribed by law and issued in an electronic form directly to the policyholder or through the platform registered insurance repository
Do I need to pay for opening of an e-Insurance Account or on a periodic basis?
No e-Insurance Account is offered ‘free of cost’ to customers/applicants.
Can any individual open more than one e-Insurance Account with any Insurance Repository?
NO. As per the IRDAI guidelines, an individual cannot open multiple e-Insurance Accounts.
What are the requirements to be completed for opening an e-Insurance Account?
An e-Insurance Account holder or policyholder is required to a. Fill the e-Insurance Account form and b. Submit • Photo ID, • Recent passport size photograph, • Cancelled Cheque (In case of ECS/NEFT services for Insurance premium payment transaction) and • Address proof to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository.
Can I open an e-Insurance Account without having a life or non-life policy for my own self?
Yes, an individual who does not have any Insurance policy can open an e-Insurance Account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person.
Can I convert my existing paper policies into electronic policies?
Yes, it is possible to convert the existing paper policies into electronic form. A service request may be made to the Insurance Repository or Insurer or the Approved person in this regard.
If I already have an e-Insurance Account, how do I buy a new policy in electronic form?
Once you have opened an e Insurance Account, to buy a new policy in electronic form, you just need to quote your unique e-Insurance Account number in your new insurance proposal form and make a request to issue policy in an electronic form.
Which are the Insurance policies that can be held in electronic form?
All Life insurance, Health insurance, General insurance & Annuity policies that are issued by registered insurance companies with IRDAI and who have signed up with the Insurance Repositories are eligible to be held in the electronic form.
How can I come to know that my policy is successfully credited into my eInsurance Account?
You will receive a confirmation mail and SMS on your registered e-mail id and mobile number.
What are all the details that will be available in the e-insurance Account?
A list of all policies that are credited will be available in the e-Insurance Account. For each policy, policy level details like the status, commencement, maturity/expiry, nomination, assignment, endorsement, address, terms and conditions etc., would be available. In addition, the e-Insurance Account holder will be able to download a copy of the policy bond.
What is the procedure to effect changes in my policy or e-Insurance Account? Should the request be made to the Insurance Company or Insurance Repository?
All requests in respect of either your e-Insurance Account or any of the electronic policies may be made to the Insurance Repository. However, requests in respect of the policies can also be made directly with the Insurer concerned. Upon request, the Insurance Repository would handle all servicing needs that fall within the scope of their services directly and would forward the others to the Insurer concerned. An update to the policyholder would be provided by the Insurance Repository on the status of the request in respect of all the requests that it receives.
What is the grievances redressal mechanism at Insurance Repository?
Every Insurance Repository will have a policyholders’ grievances cell to address the grievances in respect of repository services and electronic policies held by them.
Is it possible to opt out of the Insurance Repository system?
Yes, the policyholder shall make a request to his insurer and upon completion of all formalities in respect of the same, the hard copy of the policy document shall be made available.