Traditionally, buying a health insurance plan meant waiting in a queue to schedule a consultation with an agent, endless rounds of paperwork and well, so much time. The rapid advancement of technology in the last few decades has given rise to a number of nifty innovations. These innovations have simplified our lives, by giving us the means to do everything at the click of a button, whether you’re purchasing groceries, getting a loan or reconnecting with your loved ones.
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With technology revolutionizing a path towards greater accessibility, the insurance sector has made remarkable strides to streamline previously arduous experiences.
The online medium has made the process of buying insurance policies easier. With the advent of smartphones, you can gain access to all types of insurance plans that are available online. These are called e-insurance policies and they are stored in an e-insurance account.
What Is An e-Insurance Account?
An online depository account or e-insurance account is similar to a virtual vault for you to store all information about your insurance policies. With an e-insurance account, you gain instant access to details of all your existing insurance policies including health insurance plans, car insurance, life insurance and more.
Features of e-insurance accounts
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E-Insurance accounts offer users a range of features that enhance their insurance handling process. Some of these features include:
Convenience of opening accounts through any of the companies operating as approved insurance repositories in India
You can use your e-insurance account to store any type of insurance that you buy
You can store the details of insurance policies belonging both to you and your family in this account
You can register for only one e-insurance account in your name
When you register for your e-insurance account, you get a unique number allotted to your account. This number is used to identify your account and is your ticket for any type of correspondence with the insurance provider
When buying any new insurance plan, you just need to give the insurance company your e-insurance account number. The company will send a copy of the policy to your account so it is stored securely
You are provided a unique user ID and password for your e-insurance account. You can use this to log into your account at any time to access your insurance policies
You can open an e-insurance account at zero cost
Benefits Of Using An e-Insurance Account
An e-insurance account has a large number of benefits along with providing a convenient solution to storing our insurance policies. These include:
Accessibility
With an e-insurance account, you have the advantage of accessing your e-insurance policies at any time by simply logging in. This means you can check the relevant details of your insurance plans whenever you want. You can monitor, review and track all your policies with greater ease as everything you need is stored in one place. This is especially helpful when you require your policy number and other related details on hand to register a claim in time.
Also Read: Paperless Insurance- It's FREE...It's EASY...It's ENVIRONMENT FRIENDLY
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Secure Storage:
Since all your policies are stored in the e-insurance account, you rest rest assured against threats of theft, physical damage or misplacement
One-time KYC Verification:
When you open your e-insurance account for the first time, you are required to complete your KYC verification. After this, whenever you buy a new insurance policy, you are spared from submitting to KYC verification again. You just have to simply cite your e-insurance account number and your insurance provider will be able to access your KYC details online.
Also Read: The Demat Account of your Insurance: E-Insurance
Storage For Your Loved Ones:
The e-insurance account extends storage benefits for you to keep all your plans and all the plans belonging to your loved ones. This helps you maintain all the details of your family’s policies in one place.
Premium Payments Made Easy:
You can carry out your premium payments online quite easily through your e-insurance account. Since all your policies are in one place in the e-insurance account, you can keep track of all your payments here itself.
Also Read: E-Insurance Mandatory for Premium starting Rs.10,000 – IRDAI
Guide To Opening An e-Insurance Account
The process for opening an e-insurance account is a simple one. To start the process of opening your account, you first have to approach any one of the approved insurance repositories in the country. There are four companies that have received approval from the Insurance Regulatory and Development Authority of India (IRDAI) to act as insurance repositories for the opening of e-insurance accounts. They are as follows –
Karvy Insurance Repository Limited
CAMS Repository Services Limited
NSDL Database Management Limited
Central Insurance Repository Limited
After you choose the preferred repository, you need to download the form for opening your e-insurance account. You can get this form at the repository or an insurance provider. Submit it along with documents for age proof, identity proof and address proof at your chosen repository. Once all these documents are verified, you will be issued your user ID and password. You can use these to register your insurance account.
To learn more about the e-insurance account, head to Coverfox - one of India’s leading insurance broking portals. Their team of experts are always ready to provide any assistance needed during every step of your insurance buying process.
