BENGALURU: Insurance Regulatory and Development Authority (IRDA) wants its customers to move to paperless account with the help of e-insurance accounts. E-insurance account will be available for all customers who hold insurance policies in their respective banks. The bottom line is: you will be drowning in paper if you don’t get organized. There is a simple way to pull you out of this mess. Use the EIA (Electronic Insurance Account), according to yahoo.com.

What Is E-Insurance Account:

E-Insurance Account is an account created for you to store all your insurance policies online, at a single location. You can do it through an insurance repository which handles this account. Instead of storing your money, the EIA helps you store your insurance documents online in an electronic format. Hence, you can have all your insurance policies in one place and can access your entire portfolio on just a click of the button.

How it Works:

It is much like-demat or bank account, you have a service provider who opens an insurance repository to store your policies. This also acts as the central storage place for all your insurance policies. You can also store the insurance policies of different insurers in the same account. Hereby, IRDA has approved 5 repositories for the purpose of opening an e-insurance account.

They are NSDL database management, central insurance repository, CAMS repository services, Karvy insurance repository and SHCIL projects. You can choose any of these repositories to open an account with them.

Advantages of E-Insurance Account:

The major benefit of holding an e-insurance account is that you can access all your policies at a single place without running the risk of losing documents. Previously, it was difficult to track policies but now, you can also pay premiums for different policies from a single place. You can modify or revise the policies with speed and accuracy. It will help increase the transparency and also reduce the maintenance cost to some extent.

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