What is eInsurance

 

Have you taken various types of Insurance from various insurer companies and find it difficult to manage it  ?? your solution is  eInsurance .

 What is eInsurance :

 eInsurance account  is a digital account where all  your Insurance policies can be saved and kept in the digital form.

 It means managing all your health insurance, life insurance, motor vehicle insurance, travel insurance, and other insurance policies digitally in a single account.

 It is exactly like holding shares in a Demat account. The policyholders of an eInsurance account can access their all insurance portfolios in a single  clicks.

 How Does It Work?

Much like having depositories for Demat services, there are service providers who open an insurance repository to store insurance policies of individuals. The insurance policies of different insurers can also be stored in the same account. Each insurance company has repository partners who help the company’s issue policies in the digital form. Individuals can opt for any of both, insurance company or the repository itself to open the e-insurance account. There are 5 authorized repositories to open an e-insurance account:

·              NSDL Database Management Limited

·              Central Insurance Repository Limited

·              CAMS Repository Services Limited

·              Karvy Insurance Repository Limited

·              SHCIL Projects Limited

Note: An individual can hold only one e-insurance account.

Is It Mandatory To Have An E-Insurance Account?

No. Having an e-insurance account isn’t a necessity. However, some times in some policies IRDAI makes it mandatory to have E insurance account.. Since an e-insurance account is all about keeping your policies safeguarded from policy loss; the need for it is anticipated.

How Will An E-Insurance Account Be Useful?

E-insurance account holder enjoys multiple benefits by opening one e-insurance account. Below listed are the few points that suffice how useful an e-insurance account is:

·  Opening an e-insurance account is absolutely free.

·  The insurance policy in digital form prevents the policy from loss and theft.

·  One can access his insurance policy anytime, anywhere in a few clicks since it is in an electronic form

·  All the insurance policies can be monitored in one account, it is easy to track the policy status

·  The premium of your insurance can be paid online instead of wasting time standing in queues and paying through cash.

·  E-insurance subscriber doesn’t have to submit KYC document every time he buys a new insurance policy. Online Insurance account number is required for this process.

Is It Easy To Open An E-Insurance Account?

Yes, it is very easy to open an e-insurance account. You can do it offline or online . in offline You need to download an application form to any insurance repository of your choice, fill it and submit it along with self-attested necessary documents as identity proof, address proof, and a canceled cheque.. for online opening visit the site of any insurance repository and register  after opening  you  can store all your electronic insurance policies inclusive of health, life, and other insurance policies from different insurers in the same account.

What Are The Charges For This?

Opening an e-insurance account is free of any charge .

 

How Many Days Does It Take To Open An E-Insurance Account After All The Necessary Formalities Are Completed?

Approximate seven days or less. Once the account is created successfully, the subscriber of the account gets a welcome kit. The pin number for the account is sent separately. Then you can log in and add all your insurance policies taken from different insurers.

 @Ajit Kumar Singh