What is an E Insurance Account and Where to Apply?

An e-Insurance account is your one-way to a worry-free policy management and safety. This guide will show you its benefits and where to get it.

Catching up with the latest trend of digitization, the Insurance Regulatory & Development Authority of India launched a nationwide initiative to create India’s largest database of insurance policy safekeeping in the electronic form. 

 Now, when you buy an insurance policy, you are automatically signed up for an e-Insurance account.

Which insurance company offers e-Insurance account facility?

Every licensed insurance company in India is associated with either one of these repositories:

• NSDL Database Management Ltd.
• SHCIL Projects Ltd.
• Central Insurance Repository Ltd.
• Karvy Insurance Repository Ltd.
• CAMS Repository Services Ltd.

When you buy a life insurance policy from a company, they automatically enroll you for an e-insurance account, and your policy details are all stored in one of the repositories mentioned above.

You never need to apply for e-insurance benefits in-person. Your insurer is obligated to do it for you.

What benefits do you get with an e-insurance account?

1. Besides keep your confidential records away from cyber hacks, you also get any time access to them from anywhere.

2. Make changes to any policy you hold without physically going anywhere.

3. You get alerts via email, SMS, etc., about policy renewals and deadlines that save you an unwanted headache.

4. It’s free! The paper to digital conversion does not cost you anything.

5. Submit your KYC documents only the first time when your e-insurance account is created, after that, you will never need to.

6. Anybody can open an e-insurance account, even if you are not a policyholder yet.

7. Open an account in 3 days.

8. In the event of death, an e-insurance account holder’s authorized representative or nominee can view the policy information.

9. Changing your address or phone number is done easily.

10. You don’t have to worry about safekeeping your paper policies anymore.