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E-insurance is insurance in digital form, similar to shares in demat form. Financial services are gradually moving towards full digitisation, and it was only a matter of time that insurance too caught up.

Currently all policies such as life insurance, health insurance, general insurance, and annuity policies can be maintained in an e-insurance account.

E-insurance is insurance in digital form, similar to shares in demat form. Financial services are gradually moving towards full digitisation, and it was only a matter of time that insurance too caught up.

Let’s take a look at what e-insurance is, and what its benefits and important features are.

Overview of e-insurance

An e-insurance account is essentially a digitised insurance repository. There are various repositories approved by the Insurance Regulatory and Development Authority (IRDA). They are National Insurance policy Repository (NIR), Stockholding Corporation of India ltd insurance repository, CAMS, Karvy, Central Insurance repository Ltd (CIRL) etc. These agencies keep your insurance policy in digital form also known as e-policy.

Currently all policies such as life insurance, health insurance, general insurance, and annuity policies can be maintained in an e-insurance account. Additionally, all services will be handled by the insurance repository. Most of the service requests can be filed online.

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Benefits of e-insurance

Apart from digitised storage of your policy documents, e-insurance accounts provide ease of access of documents, anytime and anywhere via the internet. This would come as a relief during emergencies where claims have to be made. The policy documents can also be downloaded as PDFs from your account.

Any account updates that insurance holders want to do can also be done online. This is faster than applying for change by visiting a branch and submitting KYC proofs.

All the policy statements, premium payments, and application for claim can be made online. At the same time, the claims, survival benefits, or any partial withdrawal can be transferred electronically to the bank account directly.

How to avail e-insurance account

Anyone can avail the e-insurance facility. All you have to do is to visit the insurance repository branch, or you can do it through the insurance company. Fill up the required form, sign it, and attach the required documents for KYC verification. It takes about a week to open the account.

To add a policy into your account, you have to quote the e-insurance account number in the insurance application form. This will automatically add your new insurance policy in your E-insurance account once your policy is approved.

Remember that you can open only one e-insurance account. You can keep multiple insurance policies under this account. However, you can change your repository if you wish so.

Most current insurance holders have their policies in paper. There is also the provision to convert them to e-insurance. For this, you can submit a request to either the insurance repository or the insurance company which sold you the policy.

The writer is CEO, BankBazaar.com

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