10 Things To Know About E-Insurance Accounts

You must ponder how efficiently you can manage all insurance policies (health insurance, life insurance, motor insurance, general insurance, etc.) in one place. Indubitably, this is a daunting task of maintaining all insurance policy papers of all family members.

But with an e-policy insurance account, you can conveniently manage all these things. Now, you must be wondering what an e-insurance account is and how it is beneficial for you. Let’s dig deeper.

What is an e-Insurance?

An e-insurance account or Electronic Insurance Account or EIA is like a depository or storehouse where you can safely keep all your insurance policies digitally. It allows you to maintain all imperative documents of your or your family members’ life insurance, general insurance, health policies in a single place. By using your e-insurance account, you can easily access your insurance folder at any time within a few clicks. This eliminates the necessity of the paperwork and also protects your documents in case you lose them. The most intriguing part is that now you can access your insurance policies anywhere, anytime, in a hassle-free way.

What are the Best Features of E-insurance Accounts?

• A person can only hold one e-insurance account under his/her name
• You can keep all your insurance policies, including life, health, and pension plans in the account. You can even keep the insurance policies of your family members under the same account
• A unique account number is assigned against every e-insurance account. You need to use this number for all communication.
• While purchasing an online policy, you just need to put your unique e-insurance account number in the proposal form
• Since your KYC documents are already verified, you don’t need to fill the KYC form and submit it
• You will get a unique e-policy login Id and password

Top 10 Benefits of E-insurance Accounts?

The benefits of an e-insurance account are unfathomable. Let’s take a look at some of the prime benefits of an e-insurance account:

1. Protection and Safety

Your policies will be stored safely in an online repository. You don’t need to fear losing them. Moreover, you don’t need to worry about the damage to the original policy documents, as you will get them in a safe electronic format.

2. Single Consolidated View 

e-insurance encourages a ‘single consolidated view.’ Now, you can view all your documents online using multiple systems and can track various policies.

3. No Need to Resubmit KYC Details

If you have already submitted your KYC documents while opening an e-insurance account, you don’t need to resubmit the KYC details for purchasing new insurance policies in the future. You need to only mention your online insurance account number; your policy will be purchased.

4. Paperless Mode

One of the prime benefits of an e-insurance account is it encourages a paperless environment. By opting for digital mode, you are saving papers and are promoting a healthy atmosphere.

5. Better Monitoring

The e-account reminds you of your policy renewal and premium payments. Now, you can monitor your policies in the best possible ways and avoid policy lapses by paying on time.

6. User-Friendly

One e-insurance account is adequate to purchase various insurance plans from multifarious insurance companies. Moreover, you can conveniently access all these policies anywhere, anytime, within a few clicks.

7. Easy Premium Payments

Easy premium payment is another pivotal benefit of e-insurance accounts. The e-insurance inspires you to pay your policy premium online without any failure. You can easily opt for EIA online payment.

8. Easy Service

Since you are an account holder, you can easily make changes in contact details, addresses, etc. for all policies. If you are not happy with the service of the insurance repository, you can change it immediately.

9. No Insurance? No Worry

You can still open an e-insurance account if you don’t have any insurance policy. If you have not yet purchased any health insurance or general insurance, you can still have an e-insurance account.

10. Easy to Convert Old Policies

If you already possess a policy, you can convert your old policy into an e-policy and store it in your e-insurance account without any difficulty.

How to Open an E-Insurance?

The process of opening an e-insurance account is simpler and easier. Let’s follow the below-mentioned steps to open an e-insurance account.

• Download the form of e-insurance account opening from your selected insurance repository
• Fill up the form thoroughly
• Now, attached self-attested copies of KYC documents
• Submit the form along with KYC documents to your favorite insurance repository

What are the KYC documents required for opening an E-Insurance Account?

• A passport size photo
• Canceled cheque
• Identity proof/address proof/ date of birth documents for KYC

What is the Cost of Opening an E-Insurance Account?

You can open an e-insurance account without any cost. Moreover, you don’t need to pay any charge to convert an existing physical policy into digital form and save it in your e-insurance account.

How to opt-out of the Insurance Repository?

If you want to withdraw your e-insurance account from the e-insurance repository, then you need to submit a writing request to the insurance company. Once all changes are done, the insurance company will take 5 working days to generate an intimation receipt. After the completion of all conditions, along with the payment, you will receive a hard copy from the company mentioning you have opted out.

The Conclusion

Now, you know what an EIA account is and you also have adequate knowledge regarding the benefits of an e-insurance account. But the decision will be yours whether you should opt for it or not. These days, many people have started with e-insurance accounts and are enjoying their benefits.