e-Insurance FAQs

eIA stands for ‘e-Insurance Account’ or ‘Electronic Insurance Account.’ Just like certificates of securities such as shares, bonds and mutual funds can be created in the electronic form and stored in one’s Demat account, one can store insurance policies electronically and keep them in one’s e‐Insurance Account (eIA) with an insurance repository.

You should open an eIA as it provides you with an easy, safe and paperless way to store your insurance policies electronically at no extra cost. With an eIA, you would not be required to go through the KYC procedure every time you buy an insurance policy. The insurance repository will give you a unique eIA account number under which all your policies would be stored including life, health, motor and group covers.

Opening an eIA is free. You need not pay anyone who is associated with the Insurance Repository.

NO. An individual / policyholder can have only one eIA with an Insurance Repository. You cannot open more than one eIA account with different Insurance Repositories. Once you open an eIA, your details would be shared centrally across all IRs.

An eIA application form is the application made by you, the policyholder, to open an e-Insurance account with the Insurance Repository. This form is available with the Insurance Company or any Insurance Repository

An eIA form needs to be filled and submitted along with your photo ID, copy of Pan / Aadhar card and address proof to the Insurance Company or an Insurance Repository branch.

Your eIA account will open within 7 working days (maximum) and you will receive a confirmation SMS & email from the repository on your registered mobile number and email id. Also, welcome kit including eIA brochure, login id and password (if not set online) will be couriered to your correspondence address. You can activate your e-Insurance Account using these details.

Yes, you can open an eIA account without having any insurance policy

An Authorised Representative is a person appointed by you (the policyholder) at the time of an eIA opening. This individual will operate the eIA account in case of your unfortunate demise or incapability. He will intimate the Insurance Repository about your demise with valid proof of death and submit a request to cease your account after settlement of claim if any.

The insurance repository will give you a unique account number. It will include all types of policies i.e. life, health, motor and group covers. The data maintained by the repository will include the history of your claims, and also have the names of the beneficiaries, assignees and nominees you have mentioned.

Opening an eIA account is one of the most beneficial steps that ensures efficiency and better customer service. Since, the repository consolidates all policies under a single account, the nominee access to all the policies purchased by you, incase of an emergency. With such infrastructure in place, your authentication and even the insurability can be verified easily by the InsurersYou can enjoy easier and faster processes while purchasing your policies online.