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E – Insurance Account

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

About Prateek Agarwal

I am Chartered Accountant by profession, practicing in Jaipur. I have interest in accounting and taxation field.

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