What is an Electronic Insurance Account?

An electronic insurance account is a type of insurance depository where you can keep all your insurance policies in one place in electronic mode. It enables you to keep all your and your family’s policies, like medical insurance policy, life insurance policy, etc., in one place, and you can access all the policies in merely a few clicks.

This helps you secure your policies in one place so that you do not lose your policy. Moreover, you can access all the policies anywhere and anytime with ease and efficiency.

Here are all the features of an eIA account:

• You can have only one e-insurance account.
• You can have any number of policies in a single account, even if they are from multiple insurers.
• All types of insurance plans, including pensions plans, health insurance plans, etc., can be stored in one place.
• After you have opened the account, you will be given a unique number that you can use for assistance and queries in the future.
• A unique ID and password will be provided so that you can log in to your account.

Here are the steps required to open an eIA account:

• First, choose the insurance repository that you prefer from Central Insurance Repository Limited, NSDL Database Management Limited, CAMS Repository Services Limited, and Karvy Insurance Repository Limited, which have been authorised by IRDAI.
• Download and fill-up the form for opening an e-insurance account.
• Attach necessary documents, including PAN card or UID card, address proof, identity proof, date of birth proof, and a cancelled cheque.
• Also, affix a passport size photograph on the form before submission.
• You can submit this form to the Tata AIG branch near you.

Here is the list of documents that you need to submit to open an electronic insurance account:

• A cancelled cheque that includes all the bank account details like bank account number, etc.
• Identification proof like Aadhar card, PAN card, voter ID card, or passport, which has been self-attested.
• A passport size photograph
• A copy of proof of age like birth certificate, etc.

An authorised representative refers to the person who has been appointed by the holder of the account. The person can access the account in the event of the account holder’s demise or absence, or if the account holder is incapable of accessing the account. Therefore, while opening a new account, you must mention the contact details of the person whom you are appointing as the authorised representative.

There are numerous benefits of having an e-insurance account. Here are some of the top advantages:

• Safety and protection: When you store your policies in an eIA, you do not have to worry about them getting lost. Also, they will not get damaged as they are in electronic form, which keeps them protected from harm.

• Consolidated view: With this account, you can see all the documents at one time, and you can also keep track of all the policies that you have, which is beneficial.

• No requirement to submit KYC details again: When you have an e-insurance account and you buy a new policy, you do not need to submit the KYC details again. You can provide the number of the online account, and the insurer will issue the policy to you.

• Paperless work: An EIA account helps you to go paperless as everything is available online. This helps to save you from the hassle of maintaining your policies in an offline mode which is a hassle when you have multiple policies.

• Enhanced monitoring: The eIA account helps you to get alerts regarding renewal and premium payment deadlines which helps you monitor your policies with ease. With this, policy lapses can be avoided to a large extent.

• Easy conversion: If you have an old offline policy, you can easily convert it to an electronic policy so that you can store it in your account.

• User-friendly and convenient: With an eIA, you can access your policies anytime, anywhere, enhancing your user experience. It is also convenient as there are no hassles when it comes to accessing your account.

Now that you have all the necessary details regarding the eIA account meaning and the services offered under the eIA account. It is essential to take all the necessary steps to open the account so that you can store all your policies in one place. Also, while you plan to open an account, ensure that you have all the policies that you need including a health insurance policy.

A health insurance policy is prudent in these times to ensure that you have the right coverage for medical expenses that are growing exorbitantly. With a Tata AIG health insurance policy, you will have access to 7200+ network hospitals, and the claim settlement ratio of 94.21% during the financial year 2020-2021 also ensures that your claims will be settled when the time comes.