Hyderabad: The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to digitise insurance policies. This means that henceforth all insurance companies will have to provide insurance policies in electronic form (e-Insurance). These terms apply to all insurance policies, including life, health and general insurance. These rules will come into effect from the new financial year on April 1, 2024.
What is e-Insurance?
You save the insurance policies you take electronically in an online account called e-Insurance Account (EIA). With the help of this account, policyholders can access insurance plans online. That is, due to e-Insurance, the management of insurance policies becomes more convenient. Today, the respect for insurance policies is gradually increasing in the country. That is why IRDAI wants to make the management of insurance policies easier.
Do you need physical documents?
If customers wish, they can also obtain physical insurance documents. When you buy an insurance policy, you may be asked by the insurance company to provide you with physical documents. Or you can ask later.
How to open an e-Insurance account?
You can open an e-Insurance account by downloading the form from the insurance repository portal. It is completely free. Insurance companies charge an account opening fee of Rs 35 to Rs 40. For this, you have to submit an Aadhaar card, PAN card and complete e-KYC.
What are the benefits of insurance digitalisation?
Digitising all insurance policies can be easily accessed through e-Insurance Account (EIA). It is completely online and there is no chance of losing the documents. Apart from that they can be downloaded very easily.
The risk of digital documents being lost is very low compared to physical copies. Especially due to digitalisation, we can easily track the details and renewal dates of insurance policies. Changing addresses or updating details in the policy can be done very easily with e-Insurance.
If the policyholder dies, his/her family members will not have to look for the documents. You can directly come to the insurance office and claim the compensation. Also, with the digitalisation of policies, communication between insurance companies and policyholders will increase. As a result, the claim settlement process becomes faster and more convenient.
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