19 January

Benefits of EIA (Electronic Insurance Account)

Category: Moter insurance

Benefits of EIA (Electronic Insurance Account)

Gone are the days of extensive paper works and files to keep, fast forward your life to 2018 and have your insurance policy and it’s details at your fingertips, just a click away. Who wouldn’t like to access their policy details, make payments from the comfort of your home without any hurry or hassle?? Nobody dictating you or deciding for you as to which policy is best for you, the policy for which you will pay the premium from your hard earned money...!

Why EIA ?

Well, why E-mail, WhatsApp, Facebook and not Post-Card, Letter or Landline?? For the same reasons, “ease of accessibility”. The ‘E’ in the ‘Electronic’ has now become almost synonymous with ‘E’ of ‘Easy’.  Remember the times when you couldn’t find the one document in the file?? Well, the electronic world keeps it all arranged for you in one place. The insurer and the insured can access it all online.

All your policy related documents can now be availed under one single account. Once you open an eIA and submit your KYC documents, you no longer need to do KYC verification even if you buy any new policy, your first submission will serve all new policies.

Any and all changes in your address, contact details etc. will be auto upgraded for all policies and all insurers.

You incur no extra charges for opening an eIA and enjoy the comforts of it. IRDA has granted the Certificate of Registration to the following four entities to act as 'Insurance

Repositories' that are authorized to open e-Insurance Accounts.

NSDL Database Management Limited

Central Insurance Repository Limited

Karvy Insurance Repository Limited

CAMS Repository Services Limited

Steps to Open EIA:

1)  Download your eIA opening form from your preferred Insurance Repository

A company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in Electronic form on behalf of Insurers. The Insurance

Repositories provide the ease of holding insurance policies issued in an electronic form.):

NSDL Database Management Limited

Central Insurance Repository Limited

Karvy Insurance Repository Limited

CAMS Repository Services Limited

2)  Fill the form and attach self-attested copy of below mention required documents:

PAN or UID card

Address proof

DOB proof

Cancelled cheque

3)  Submit the documents with your insurer, your account will be activated within a week or two from the date of submission of documents.

As easy as that.