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Online Account Compulsory For Storing Your Insurance Policies Research Team | Posted On Friday, March 17,2017, 07:46 PM

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Online Account Compulsory For Storing Your Insurance Policies



You cannot put a price on the value of an insurance plan. It’s just too high. It’s foolish to step out of your home without insurance. Yes, enough of this. You already know the value of insurance. What about your insurance policy documents? Aren’t they important? What if they are lost, damaged or stolen? Wouldn’t it be difficult for you or your family members to make a claim?

To solve this problem, IRDAI (Insurance Regulatory and Development Authority of India), will make it compulsory for you to have insurance in an electronic format by the end of 2018. This is a great move as it helps you change/modify/revise your insurance plan, really fast. Your insurance policy will always be available online.

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What is an e-insurance policy?

It’s nothing but an electronic version of your physical insurance policy document. The insurer will mail you this document in the PDF format. If you have an e-insurance account, your insurance plan will be dematerialized (converted to electronic format) and stored in your account, just like shares in a demat account.

The insurer issues and maintains e-insurance plans by utilizing the services of an insurance repository. A repository is a Company licensed by the IRDA, which maintains data of insurance plans in an electronic format on behalf of you and other insurers. Only an insurance repository can provide you an insurance plan in the dematerialized form. NSDL Database Management, Central Insurance Repository, Karvy Insurance Repository and CAMS Repository Services Limited, are the 4 repositories, approved by IRDAI.

All insurance plans stored in the electronic form are valid.

See Also: Top 5 Reasons To Buy Term Life Insurance In Your 30s

Why an e-insurance plan?

  1. If your insurance policy is stored in the electronic form, it cannot be stolen, lost, damaged or destroyed. You can always access your e-insurance plan.
  2. Nominees could have a tough time searching for the physical life insurance policy documents while making a claim for death benefits. An e-insurance plan could be a real benefit.
  3. For Motor Insurance, IRDAI says all motor insurance plans must be issued in the electronic format. For other insurance plans, insurers give you an option to have your insurance plan in the digital format.
  4. If your repository has a tie-up with all insurers, you can easily access all your insurance plans on a single platform. You can change and update your KYC (Know Your Customer) using this platform.

Insurers spend crores of rupees maintaining your and other policyholder’s accounts in the physical form. With e-insurance, all this money can be saved.

SEE ALSO: Aadhaar Card Check Online
How to open an e-insurance account?

  1. You download the application form from the website of the insurance repository or get the application form from the office of the insurance repository.
  2. You must fill the form and attach the copies of the necessary documents (PAN Card, Aadhaar Card, DOB Proof, Address Proof, Recent Passport Size photograph, Cancelled Cheque necessary for KYC) at the insurer’s office or at the AP (Approved Person) of the repository.
  3. You can choose between basic services and premium services. Premium services charge you a little more.
  4. After you submit the relevant documents, you receive a welcome kit from the insurance repository.  This welcome kit contains account details and user manual.
  5. You can use your ID and Password to log into your e-insurance account.

It’s time to say goodbye to physical insurance plans. Time to take up e-insurance plans. Why say no to convenience?

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