What is e-Insurance Account?
e-Insurance Account is the electronic account which provides the facility of storing all your insurance policies ( either life or health or fire ) in the electronic form under a single account just like you hold your share certificates and mutual fund units in dematerialized form in the Demat Account and this facility works through Insurance Repository System (IRS) of Insurance Regulatory and Development Authority (IRDA). Under Insurance Repository System (IRS), Companies approved by Insurance Regulatory and Development Authority (IRDA) can become an Insurance Repository. Five companies are registered by the IRDA as insurance repositories; those companies are NSDL Database Management Ltd (NDML), Central Insurance Repository Ltd (CIRL), Karvy Insurance Repository Ltd., SHCIL Projects Ltd, and CAMS Repository Services Ltd.
Companies working as Insurance Repository System (IRS) are linked with all insurance companies and maintain the data of insurance policies electronically for insurers and open e-Insurance accounts for policyholders free of cost. The Insurance Repositories are paid directly by the Insurance Companies whose policies are held in electronic form in the respective Insurance Repository. Once the policy holder will open an account with any of the repository, he can purchase their new policies from any insurance company without submitting KYC documents (Address, Identity Proofs) again.
Facilities provided by Insurance Repository System (IRS)
- Holding of all insurance policies in a single Account.
- One time know your Customer (KYC) for opening the e-Insurance account.
- Conversion of the existing paper policies into electronic policies is also available at the request of the policy holder.
- Quick update of demographic details of the account holder with insurance companies.
Benefits of Insurance Repository System (IRS)
- No fee is levied on the policyholder for the account opening and maintenance by these companies,
- You do not require to fill KYC form again and again,
- All insurance policies are kept in a single account,
- You could also track your portfolio of policies through this facility ,
- Easy Premium payments facility ,
- There is no hassle in holding the insurance policies in electronic form.
- It facilitates portability.
Documents Required to Open an e-Insurance Account
- Date of Birth Proof (It could be your PAN Card, Domicile Certificate, Ration Card, Driving License, Passport, Voter ID Card etc.)
- Proof of Identity ( It could be your PAN or UID)
- Proof of Address ( It could be Regd. Lease /License Agreement/ Agreement for sale , Aadhar Letter , Ration Card , Driving License , Passport , Voter ID Card , Bank Passbook , Electricity Bill , Residence Telephone Bill etc. )