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With just a few clicks, policyholders can access their life insurance portfolio through this e-Insurance account.
E-Insurance Account is What eIA Stands For.
The Insurance Regulatory and Development Authority (IRDA) created an e-insurance account (eIA), which is a digital platform for storing and managing all insurance policies electronically. It eliminates the need for physical copies, which simplifies renewals, claims, and upgrades. In addition, opening and keeping an eIA is free. Individuals are not charged for opening, maintaining, or altering their eIA. This e-Insurance account allows policyholders to access their life insurance portfolio with a few clicks.
An insurance repository allows policyholders to save insurance policies electronically. The Insurance repository system improves efficiency and transparency in insurance policy issuance and management.
IRDA has awarded Certificates of Registration to the four entities listed below to function as ‘Insurance Repositories’ authorised to open eIA.
- NSDL Database Management Limited
- Central Insurance Repository Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited
eIA Application Process: How To Go About?
The eIA application form can be obtained on the repository’s website or from an insurance provider. Then fill out the required information, including your personal, contact, and nominee information.
eIA Application Process: Documents Needed
Please submit the completed application form with the following documents:
– Identity proof (Aadhaar, PAN, passport).
– Address proof (utility bill, driver’s license).
– A passport-size photograph.
– PAN card or Form 60, as needed.
The form and supporting documentation can be submitted online, in person at the repository’s office, or through an insurer affiliated with the repository. After the repository verifies the application, it will activate the account and offer log-in information.
After it has been activated, the account holder can link their current policies and get new ones straight into their e-insurance account. Faster claim processing, premium tracking, and policy modifications are also made possible by the platform.
Individuals should follow these steps while opening an eIA:
- Fill out the eIA opening form.
- Submit it to any branch along with your KYC documents.
- Carry original documents when applying for KYC verification and receiving acknowledgement.
Once an eIA is created, the National Insurance Repository (NIR) will notify the applicant via SMS and email with the 13-digit eIA number. A welcome kit, containing a client master, eIA brochure, login ID, and password, will be sent to the applicant’s correspondence address.
