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Have You Opened Your E-Insurance Account Yet?
You will have the convenience of being able to access all your life, health, and general insurance policies in a single window view by logging into your account.
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The digital influence on the Indian Insurance Industry is growing in leaps and bounds, as the size of India’s internet user base expands at the rate of knots. With over 30 crore internet users, India has the second largest internet user base in the world, and per a recent IAMAI-KPMG report, India is expected to have over 50 crore internet users by the end of this year. What’s more, a recent Google report predicts that three out of every four insurance purchase decisions in India are expected to be influenced by digital platforms within the next three years.
As an advisor to many clients myself, I have often been astounded by the lack of control that most individuals have over their insurance portfolios. Most clients remain blissfully unaware of the specifics of the policies they’ve purchased themselves over the years, typically as part of the mad fiscal yearend rush to reduce their tax outgoes. Resultantly, many of these clients stay underinsured despite piling on policies, and many of them harbour lapsed policies as they are unable to control their premium payment schedules adequately. Fortunately, the digitisation of insurance policies through the e-Insurance mechanism provides a simple and elegant solution to the problem at hand. Current regulations stipulate the insurers will need to set up an e-Insurance account and digitise your life insurance policy within 15 days of the purchase of your policy.
Opening an e-Insurance account is costless, and can be done with any one of the four authorised repositories, namely: Central Insurance Repository, Karvy Insurance Repository, CAMS Repository Services or NSDL.
Even if you’re not purchasing a fresh policy right now, you can digitize your previously held policies by opening an e-Insurance account and submitting the signed forms along with the stipulated supporting documents.
The four repositories offer their forms, along with documentation instructions, on their individual websites. For instance, CAMS forms can be downloaded from www.camsrepository.com. The standard ID and Address proof requirements apply (Aadhar/PAN/ Ration Card/ Passport, etc). The duly filled out forms then need to be submitted at your closest CAMSRep or CAMS office. Once set up, you’ll receive a unique eIA (e-Insurance Account) number along with a login ID and password, using which you’ll be able to access the details of your digitised policies at the click of a button. No more sifting through dusty folders!
There are numerous benefits of opening an eIA and digitising your insurance policies. First, the risk of damage or loss to your policy documents gets obviated, as they get dematerialized. Secondly, you’ll have the convenience of being able to access all your life, health, and general insurance policies in a single window view by logging into your account. You can even pay your renewal premiums online if you’d like to, and log in service related queries through the repository portal. Furthermore, you’ll eliminate the need to go through the cumbersome KYC process repeatedly in case you choose to buy a new policy. Last but not the least; a change in your personal details (such as an address change or a phone number change) needs to be made at a single point, and will reflect across your policies instantaneously. No need to run pillar to post calling up helpline numbers of a dozen different insurance companies to keep your details up to date!
We’re still a fair distance away from the complete dematerialisation of life insurance, but the wheels have been set in motion. The regulator has taken it up as one of its key priorities, and we can expect a step up in the pace of its adoption over the next three to five years. Until then, make sure you’ve digitised your life insurance policies. Join the revolution!