Streamlining Insurance in the Digital Age: IRDAI Mandates e-Policies

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated insurers to issue electronic insurance policies under Protection of Policyholders’ Interests regulations, starting April 1, 2024. The IRDAI has mandated insurers to issue policies in dematerialized form. Policyholders can store their e-policies by opening a free e-Insurance Account (eIA) with the following four insurance repositories: CAMS Repository, Karvy, NSDL Database Management (NDML), and the central Insurance Repository of India.

Understanding the Significance of e-Insurance

The IRDAI introduced an insurance repository system to enhance the service standards provided to insurance policyholders. eIA entails holding insurance policies electronically within a dematerialized account, which offers a secure and user-friendly approach to handling policies.?

How Leveraging E-Insurance Can Positively Impact Your Insurance Management

You can store and manage all of your insurance policies from various insurers in one insurance repository.

Less paperwork while initiating claims - One no longer needs to keep a record of their policy documents.

Hassle-free insurance management - If the policyholder needs to make any updates, such as changing the contact details or the address, they can do so easily, and insurers will be notified. Similarly, updates from the insurer will also be notified in eIA.

Improved Security - Insurance repositories offer secure storage for policies, which policyholders can access anytime without the fear of misplacing important documents.

One-time KYC - With an eIA, policyholders do not have to go through the hassle of providing personal information and proof of identity every time a new policy is purchased. Now, one can provide the eIA number, and the insurance company will automatically access their KYC information.?

Transitioning to e-Insurance: Opening an eIA and Converting Existing Policies?

In order to open an eIA, the policyholder must download and fill out the eIA form from any of the four repositories - CAMS, Karvy, NSDL, or Central Insurance Repository of India.

Once the e-Insurance Account form with KYC documents is submitted to the desired authorities or insurance company, it will be verified, and the account will be created within 7 days.

For those with existing policies keen on converting them into e-policies, the process is equally simple. All one needs to do is fill out a Policy Conversion form and submit it along with the eIA opening form and necessary KYC documents.

The IRDAI is constantly striving to make insurance processes as easy as possible. By following these steps, policyholders can manage and access their insurance documents across various insurers with ease.

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