ALL YOU SHOULD KNOW ABOUT E-INSURANCE ACCOUNT



Introduction

We are currently living in the digital era, as we all know. The digital revolution has caused everything in our surroundings to transition from mechanical and analogue to digital form. The distinguishing feature of this period is our capacity to employ digital tools to create new things, processes and commercial operations as well as modify existing ones to meet the requirements of a market that is always changing.

About E-Insurance Account (EIA)

EIA stands for "e-Insurance Account". A person's electronic insurance policy portfolio is managed by an E Insurance account using an insurance repository. One account to manage and maintain all life and non-life insurance policies from different insurers.

"E-insurance policies" refer to all life and non-life insurance policies that are kept in e-insurance accounts as a whole.

Features of an e-Insurance Account
  • Only one e-insurance account is allowed in an individual’s name.
  • An e-insurance account holder can keep all the electronic life and non-life insurance policies, from multiple insurers, in the same account. Hence, it becomes easy to access all the policies from anywhere and at any time, at your fingertip.
  • A unique account number is assigned to every e-insurance account for all sorts of correspondence.
  • One can buy an insurance policy online by sending a request for policy issuance in electronic format and using his or her unique e-insurance account number in their proposal.
  • One does not need to fill out the KYC form and submit the documents again because their insurance repository has already confirmed their KYC paperwork.
  • Every account holder is provided with a unique login ID and password to access their e-insurance account.
Benefits of an e-Insurance Account
  • Safety and Security: There are advantages to buying insurance online. Your insurance policies are safeguarded against theft and loss. As the e-insurance policies are in electronic format, you may easily access them whenever you want, from any location.
  • One Time KYC Submission: Thanks to the e-insurance account, there is no need to fill out the KYC form and submit the documents again because the e-account holder’s insurance repository has already confirmed their KYC paperwork. The account holder is required to only mention the online insurance account number to complete the process.
  • Accessibility and usefulness: Is it useful to be able to purchase many insurance policies from numerous insurers utilizing a single online insurance account? Account holders also benefit from having an easy-to-use portal where they may purchase insurance products for their financial security.
  • Quick and easy premium payment: An e-insurance account enables the account holders to pay the premiums for all their insurance policies at their fingertips without any hassle. E-insurance account have made it easy for the account holders to keep a track of all the premium payments and easy renewable premiums too.
  • Consolidated account statements (CAS) and easy tracking of policies: E-insurance accounts have made it simple for all e-insurance account holders to maintain track of their policies. The Consolidated Account Summary even allows account holders to examine all the policies if the customer has a demat account with any Indian depository (CAS).
Conclusion

An e-insurance account allows you to easily access, manage, and keep track of all of your insurance plans from several insurers in one place. Instantly, at anyplace and with just a few clicks, access all of your policies. By going digital, let's employ smart tactics and technologies to purchase and manage all of our insurance policies, procedures, and claim settlements.

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