You have bought life insurance, car insurance, health insurance, home insurance, pension and few other insurance policies and you have a plenty of documents pertaining to these insurance policies tucked away in a single file or couple of files. You find them difficult to store and retrieve every time you need to renew them and transact on them and find the task cumbersome and messy.
Now leave behind all these hassles and worries of physical documentation by opening an e-insurance account. An e-insurance account is an account where all the insurance policies of an individual can be stored in electronic form. Not only that, an e-insurance account has many other benefits too! So here we go:
Go paperless: Since all the policies are stores in electronic form, it saves all the hassles of paperwork. As there is no paperwork involved, there is no fear of theft or loss of policies.
Policies at your fingertips: You can access all your policies anytime and anywhere within a few seconds at the click of a mouse or touchpad button of your computer or smartphone. So, no searching or flipping through mounds of documents.
One-time KYC: at the time of opening of the account, the insurance repository does a one-time KYC verification. So, one does not have to fill up the KYC form and go through the procedure again every time while applying for other policies.
Convenience: When buying a new policy online, you have to just provide your e-policy account number on the proposal form and request the insurer to deliver the policy document in electronic form. Accordingly, all insurers will deliver the policy documents into your e-policy account.
Easy premium payments: Premiums for all policies can be made through the e-policy account, which saves time and efforts for making premium payments. Payment of premiums of all your policies becomes easy and convenient with e-insurance account.
Keeping tab of policies: The insurance repository sends you an annual statement of account, giving complete details of all the policies held into your account. This helps you keep a tab and manage all your policies easily, conveniently and in a timely manner.
Currently, there are four insurance repositories in India, namely, Central Insurance Repository Limited, NSDL Database Management Limited, Karvy Insurance Repository Limited and CAMS Repository Services Limited.