ALL YOU SHOULD KNOW ABOUT E-INSURANCE ACCOUNT

 


E-Insurance

Introduction

As we all know, today we are living in the digital age. The digital revolution is transforming everything in our world from mechanical and analogue to digital form. The mark of this era is our readiness to use digital means to adapt existing practices as well as create new things, processes, and business processes using digital tools to create a benchmark to meet the demands of continuously changing market requirements.

About E-Insurance Account (EIA)

EIA stands for “e-Insurance Account”. An E Insurance account keeps track of a person's insurance policy portfolio in electronic format through an insurance repository. One can manage and keep track of all life and non-life insurance policies from multiple insurers at one location.

All the life and non-life insurance policies which are collectively stored in e-insurance accounts are referred to as “e-insurance policies”.

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: Online insurance coverage comes with advantages of its own. Your policies are safeguarded from theft and loss. Being in electronic form, the e-insurance policies can be easily accessed at your fingertips from anywhere and anytime.
  • 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 e-insurance account number to complete the process.
  • Ease of access and convenience: How convenient is it to be able to purchase different insurance policies from multiple insurers using just one online insurance account? It provides the account holders with the added advantage of an easy and convenient platform to purchase insurance policies 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.
  • Easy tracking of policies and consolidated account statements (CAS): e-insurance accounts have made it easy for all e-insurance account holders to keep track of their policies. If the customer holds a e-insurance account with any depository in India, it even lets the account holders view all the policies in the Consolidated Account Statement (CAS). 

Conclusion

An e-insurance account has made it convenient to easily access, monitor, and keep track of all his insurance policies from multiple insurers, at one place. Access all your policies anytime, anywhere, in a fraction of second and few clicks. Let’s go digital and adapt smart techniques and tools to buy and manage all our insurance policies, procedures and claim settlement in one go at our fingertips.

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