The Insurance Regulatory and Development Authority of India (IRDAI) have made it mandatory for insurers to issue fresh policies digitally. An e-insurance account can be opened at the time of buying a fresh policy, which will then be credited to the account. You can also convert existing, physical insurance policies into electronic form. You can open an e-insurance account by downloading the forms from the portals of insurance repositories. You will need to submit KYC documents to the repository. You can also complete the KYC process online using Aadhaar or DigiLocker.
The Insurance Regulatory and Development Authority of India (IRDAI) have made it mandatory for insurers to issue fresh policies digitally. This would ensure easier access to policies and make keeping track of policies across companies and segments simpler. Most private insurers already open e-insurance accounts for policyholders. It belongs for those policyholders who can choose to buy and hold other policies in electronic form.
You can keep track of all your policies i.e. life, health, and motor in a single account. You can buy insurance policies, pay renewal premiums, raise service requests and file claims through the account. If you store all your policies in an e-insurance account, there is little scope for missing out on those reminders.
IRDAI has already created an industry service, which ensures that there is no duplication of e-insurance accounts across insurance repositories. Once the policyholder has an insurance account, they can add all their policies into it and their repository will contact insurers and get them digitized.
Since an e-insurance account is a consolidated repository of all policies across insurers, this ensures your family members get access to all the benefits in your absence. They need not scour through your files to figure out how many policies you had purchased. An e-insurance account will do away with this hurdle. These individuals can help family members access the policy's benefits in the absence of the policyholder.
More importantly, if you wish to update your bank account, address or contact details across policies, you only need to make the changes in your e-insurance account. You need not intimate individual insurers separately. It eliminates the risk of misplacing policy documents. "It's not easy for nominees to locate physical policy copies when they need them at the time of filing claims.
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