New insurance rule from April 1: How to open an e-Insurance account, documents required, how to convert

economictimes.indiatimes.com:

Irdai) has mandated all policies to be issued digitally, in line with regulations to protect policyholders’ interests. Policyholders must now dematerialise their policies by opening an e-insurance account (eIA). This allows management of all life, health and general insurance policies in one place.

Insurance repositories
This shift to digitisation is supported by four insurance repositories: CAMS, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.

Opening an eIA
In order to open an eIA, the policyholder needs to download and fill the eIA form from the chosen repository. The form needs to be submitted along with KYC documents to an approved person or insurance company branch office or can be couriered to the insurance repository.

Documents required
The following documents need to be submitted along with the form:

• A recent passport-size photograph
• PAN card
• Date of birth proof
• Identity proof
• Address proof

Process
When the complete application is received, it will be verified and processed. The eIA is operational within seven days of application.

Converting to e-policies
Fill the policy conversion form with policyholder’s name, policy number, einsurance account number and company name. This can be submitted with eIA opening form to insurance branch or approved person. After conversion, policyholder gets a confirmation via SMS and e-mail.

Points to note

• Opening an eIA and converting policies is free.
• Once converted, the physical policy certificate becomes invalid.

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