e-INSURANCE ACCOUNT (EIA)-
The term EIA stands for Electronic Insurance Account. This account bears all the insurance policy documents in electronic format. e-Insurance Account (EIA) is a unique 13 digit Account number. Also, the account holder is granted unique Login ID and Password to access the account. The main objective of this account is to provide all insurance documentary proof on a single click.
Certificate of Registration has been granted by IRDA to the following four entities in order to authorize them to open e-Insurance Accounts (EIA):
- CAMS Repository Services Limited
- NSDL Database Management Limited
- Karvy Insurance Repository Limited
- Central Insurance Repository Limited
BENEFITS OF HAVING e-INSURANCE ACCOUNT (EIA)-
Free of Cost-
Opening e-Insurance Account (EIA) is easy in your pockets as e-Insurance Account (EIA) is free of cost service.
Easy to open and close the account-
It is quite simple to open the account also at any time you can opt-out of this service.
Hassle free premium payments and receiving benefits-
Account holders will not only receive premium alerts but premium payments are made easy as all kinds of premium can be paid online by registering bank account details. Also, other policy benefits like survival benefits/money back installments etc claims can be received electronically through the registered bank a/c of the policyholder.
Also, service requests for switching investment funds in a unit-linked insurance plan can also be given via e-Insurance account (EIA).
Ease in getting details updated-
Getting a KYC done again and again is a cumbersome job thus e-Insurance Account (EIA) holder will only have to get the KYC done once. Also in the case of any change in contact details request has to be made only once and the details will be updated in all the policy documents that are stored electronically under the e-Insurance account (EIA).
Policy Documents single click away-
Since the documents are saved electronically thus the policy documents can be accessed from anywhere anytime. Also, all policy documents are stored at one location thus the risk of losing them is removed. In addition to it, the account holder also has an option to add Insurance policies in the account. Not only this but also account holder can buy an insurance policy online. And by mentioning e-Insurance account number on your proposal form can request insurance company to issue policy electronically
The e-insurance account holder is given the privilege to appoint a nominee/representative to operate the account in case of untimely of the untimely death of the e-Insurance Account holder. Also at such crucial time, the family can locate all the policy documents and get the benefit (if any).
Beneficial for Insurance companies and environment-
Since the policies are stored electronically thus the cost of printing the hard copy is reduced. This results in saving crores of money by going paperless. Also, going paperless is considered good for the environment aswell.
Consolidated Insurance statements-
Account holders receive consolidated insurance statement annually.
Easy claim process-
It saves the time of policyholder as claim intimation needs to be done only once.
In case, of any query kindly feel free to contact Mr. Harsh Mahajan from Investment Locker. Contact Number – +(91) 9971155722, E-mail address- email@example.com.