- Opening an eIA and converting your policies to digital format costs nothing.
- Once your policy is converted, the physical policy document is no longer valid.
Finance Desk – As you all know starting from April 1st, insurance policies in India has taken a leap into the digital age. The Insurance Regulatory and Development Authority of India (Irdai) has introduced a new rule requiring all insurance policies to be issued digitally.
The aim of this rule is making the management of policies more streamlined and secure for policyholders.
With an e-insurance account (eIA), you can keep track of all your life, health, and general insurance policies in one secure place. This is not only for convenience but also about ensuring the safety and accessibility of your important documents.
The transition is supported by four insurance repositories: CAMS, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.
How to Open Your e-Insurance Account (eIA)
- Start by selecting one of the four insurance repositories.
- Get the eIA form from your chosen repository’s website. Fill it out with the necessary details.
- You’ll need a recent passport-size photo, PAN card, proof of date of birth, identity proof, and address proof.
- Once you have your form and documents, submit them to an approved person, an insurance company branch.
After opening your eIA, converting your existing policies to digital format is straightforward. Fill out a policy conversion form with your name, policy number, e-insurance account number, and the name of the insurance company. You can submit this form alongside your eIA opening form.
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