As of April 1st, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) has introduced a new regulation for your benefit! To ensure better protection and easier management of your insurance policies, all new policies will be issued electronically. This means no more bulky paperwork – everything will be accessible digitally!
What are e-Insurance Accounts (e-IAs)?
An e-IA is your one-stop shop for managing all your insurance policies, be it life, health, or general insurance. Think of it as a secure digital locker where you can store and access all your insurance information in one place.
How to Open an e-IA
Opening an e-IA is a breeze! Here’s a quick guide:
- Choose Your Repository: There are four insurance repositories to choose from – CAMS, Karvy, NSDL Database Management (NDML), and Central Insurance Repository of India. Pick the one that suits you best.
- Download the e-IA Form: Visit your chosen repository’s website and download the e-IA account opening form.
- Fill and Submit the Form: Fill out the form carefully and provide the following KYC documents:
- Recent passport-size photograph
- PAN card
- Date of birth proof (e.g., birth certificate)
- Identity proof (e.g., Driver’s license, Aadhaar card)
- Address proof (e.g., Utility bill, Rental agreement)
There are two ways to submit your application:
- Submit it along with the KYC documents to an “approved person” or your insurance company’s branch office. You can find a list of approved persons on your chosen repository’s website.
- Alternatively, courier the application and documents directly to the insurance repository.
- Verification and Activation: Once your application is received, it will be verified and processed. Your e-IA will be operational within 7 days.
Converting Existing Policies to e-Policies:
To manage your existing policies electronically, you’ll need to convert them to e-policies. This is a simple process:
- Fill out the policy conversion form, which you can obtain from your insurance company or repository. The form will require details like your name, policy number, e-IA number, and insurance company name.
- Submit the completed policy conversion form along with your e-IA opening form.
- Once processed, you’ll receive confirmation via SMS and email.
Benefits of e-IAs
- Convenience: Manage all your policies in one place, anytime, anywhere.
- Security: Your information is stored securely with advanced digital safeguards.
- Transparency: Easily access policy details and track upcoming premiums.
- Paperless: Go green and eliminate the need for physical documents.
- Free Service: Opening an e-IA and converting policies is completely free!
Important Note:
- After converting your existing policy to an e-policy, your physical policy certificate will become invalid.
