Buying a New Insurance Policy through E-Insurance Account:

The advantage of having an e-insurance account is that if you are going to buy a new policy, you won’t face any problems while doing so. Since Know Your Customer (KYC) documents have already been submitted, the insurer will not repeat the whole process again, provided there’s no change in the information given by you.

Existing Policies:

Along with new policies, all existing insurance policies also can be a part of the e-insurance account. They need to be converted to demat form before they are transferred. This can be done by submitting a form along with the necessary documents.

Conclusion:

IRDA has made a great move as it signals transition of insurance from physical to digital format. It provides a great comfort and flexibility to customers who can access various policies upon single click. Before purchasing any policy, they can refer to this account once and decide whether they need the new policy or not.

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