Personal Finance

Insurance Uncovered

| Updated on February 10, 2019 Published on February 10, 2019

Following are the frequently asked questions from IRDAI:

What is an eIA (e-Insurance account)?

eIA stands for e-Insurance Account or electronic insurance account, which will safeguard the insurance policy documents of policyholders in an electronic format. The eIA will facilitate the policyholder by providing access to the insurance portfolio at the click of a button through the internet. IRDA has granted the Certificate of Registration to the following five entities to act as ‘insurance repositories’ that are authorised to open eIA.

NSDL Database Management, Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository and CAMS Repository Services

Each eIA will have a unique account number and each account holder will be granted a unique login ID and password to access the electronic policies online.

Do I need to pay for opening of an eIA on a periodic basis?

No. eIA is offered free of cost to the applicants.

Can I open an eIA without a life or non-life policy for myself?

Yes, an individual who does not have an insurance policy can open an eIA. After buying a policy, the policyholder can give a request for dematerialisation to the insurer or insurance repository or approved person.

How many days does it take to open an eIA after all the necessary formalities are completed?

An eIA will be opened within seven days from the date of submission of application complete in all respects. Once an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/eIA.

Can I convert my existing paper polices into electronic policies?

Yes, it is possible to convert the existing paper policies into electronic form. A service request may be made to the insurance repository or insurer or the approved person in this regard.

Which are the insurance policies that can be held in electronic form?

All life insurance, health insurance, general insurance and annuity policies that are issued by registered insurance companies with IRDA and who have signed up with the insurance repositories are eligible to be held in the electronic form.

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