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E-Insurance Account: Know the Importance, Features and Benefits
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Importance of e-Insurance Account in Today’s Age

Technological advancement has engulfed the entire world, and India is no exception. Cash has almost been replaced by online wallets; physical shopping has become online; everything has shrunk into the small world of computers and mobiles. Even the insurance industry moved to online marketplaces, offering insurance policies and documents issuance online. Also, now storing the insurance policy has also become more accessible with the e-insurance account. So, in this write-up, we will understand the concept of an e-insurance account, its importance, and several other things related to it.

What is an e-insurance account?

An e-insurance account refers to an electronic insurance account wherein one can store all their insurance policies. An e-insurance account is like an online safe or locker to keep your life and general insurance policies.

6 Best Features of an e-insurance account

  • An individual is entitled to have one e-insurance account in his or her name.
  • From multiple insurance providers, you can keep all your insurance policies in the e-insurance account, whether life insurance, general, health, or pension policies.
  • Every e-insurance account is assigned a unique account number to be used for all correspondence.
  • While buying an insurance policy online, the buyers can enter their e-insurance account number in their proposal form and send the same to the insurance provider to issue the policy.
  • You do not need to fill the KYC form and submit them again as the insurance repository already verifies the KYC documents.
  • To access the e-insurance accounts, a unique login ID and password are given to every account holder.  

 

What is the importance of an e-insurance account?

There are several factors that make the e-insurance account an important one in today’s age. Let’s know the reasons:

  1. Comfort and Security: Most importantly, the e-insurance account gives you complete ease in monitoring all your insurance policies. It offers easy access to them whenever you want as they all are stored in one place. As the e-insurance account is online, you are less likely to lose your insurance policies or get them misplaced. The insurance policy document is are also free of any physical damage or theft; thus, the e-insurance account provides comfort and convenience with the additional benefit of securing your policy documents. 
  2. Ease of accessing the services: e-insurance account also provides ease of services such as updating details of your existing policies, renewing your premiums, porting, etc. You can access all these services from one central database that is an e-insurance account. In this way, you don’t need to look for your policy papers, repeatedly glance through them, and actually look at how every policy should have been managed. You can just sign in to your e-insurance account and get each detail directly readily available.
  3. Ease of Opening: You don’t need to pay anything for opening the e-insurance account or keeping up with the records of the insurance policies. You can open an e-protection account with any insurance company whose policy you have, or you can pick any insurance vault, such as CAMSRep, NIR-NSDL, Karvy, and so on, and open the account. The e-insurance account can be opened online, and you need to present your KYC reports for confirmation.
  4. One-time KYC submission:  Due to the e-insurance account number, you are not required to submit a KYC document every time you buy a fresh policy. You just need to mention the online insurance account number, and everything will be done.

 

How to open an e-insurance account?

It is very easy and simple to open an e-insurance account. Below are steps for the same:

  • Step 1: Download the e-insurance account opening form of your preferred insurance company or insurance repository.
  • Step 2: Fill the form and attach a copy of self-attested KYC documents
  • Step 3: Submit the form along with the self-attested documents to your preferred insurance repository.

 

How to change your current insurance policies into e-policies? 

After you have effectively opened and enrolled your e-Insurance account, you can request all your insurance provider to change your current insurance policies to e-policies and get them stored in the e-insurance account. In order to change your existing policies to e-policies, you need to fill up the respective form available with the insurance company or the insurance repository with whom you have the e-insurance account. Fill the form carefully, stating your name, insurer’s name, policy number, e-insurance account number, etc. Then, submit the form to the insurance company or the insurance repository, and your existing policy will be changed over to an e-policy and stored in your e- insurance account.

The need for the e-insurance account

The idea of an e-insurance account is gradually acquiring relevance amongst policyholders as they opt to store all the insurance policies in one place for ease of access, service, and convenience. Also, the COVID pandemic has uplifted the significance of having an e-insurance account. As the pandemic has caused expanded lockdowns and reduced visiting offices physically and working hours, the e-insurance account has made it easier to access insurance policies at any time from any place. If you have an e-insurance account, you would not need to get out of your home to renew premiums, make claims, or make changes in your existing policy.

In addition, you would not need to visit the offices of the insurance providers to check your policies in case you lost your policy documents. Instead, you can check your subtleties online in your e-insurance account. Furthermore, as the e-insurance account is central storage for both life and general insurance policies, you can really take a look at every one of the plans without the requirement to go through the hard copies of your policies.

Thus, the bottom line is if you have not yet picked the e-insurance account, don’t delay. Open the e-insurance account today as it’s free of cost and easy to access, and your existing policies could be easily converted into e-policies. Your policy documents would be safe and secured, and you can easily access them whenever required. Moreover, as everything is online, you can easily track your insurance policies.

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