E-Insurance account (e-IA) is much like a demat account in which you can keep and manage all of your insurance policies in electronic form.
Benefits of e-IA account –
- No risk of physical damage to policy documents
- Information about any policy can be accessed from anywhere
- Option to pay premium online
- Any service requests related to policies can be submitted without visiting branch
- No need to submit KYC papers again when buying an additional policy
- If there is a change in personal details then it can be notified to account holding repository and it will inform all the insurance companies in which you have policies
- e-IA account is free of cost because the charges for repository are to be paid by insurance companies and not by policy holder
Opening of e-IA account
An application along with the identity and address proof is to be submitted to the insurance repository. e-IA account is to be opened within 7 days of application.
e-IA account can be opened for a minor by his natural or legal guardian who proposes the life of minor for taking a life insurance policy.
Insurance repositories in India-
NSDL Database Management Limited – www.nir.ndml.in
Central Insurance Repository Limited – www.cirl.co.in
Karvy Insurance Repository Limited – www.kinrep.com
CAMS Repository Services Limited – www.camsrepository.com