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Benefits of an e-Insurance Account for Policyholders

Benefits of an e-Insurance Account for Policyholders
August 17, 2022 camsrep
In this digital era, everything has become possible at the click of a button. From paying electricity bills to buying groceries online, life has changed immensely and become stress-free for us. The digital era has shown its magic in the insurance sector as well and Insurance Repository has become the talk of the town. There are many questions, myths, and confusion surrounding Insurance Repository and we will be delving deep into those in this blog.

Firstly, imagine yourself in the following situations.

Situation no 1: 
Your father has a medical emergency, but you are unable to find his insurance documents.
Situation no 2: 
It is 11:45 PM. You have a movie date with your partner at 12:15 PM, but you are still standing in a queue outside your insurance company to change the contact details and update KYC on your insurance policies.
Situation no 3: 
You had finally renewed your car insurance after multiple reminders from your dad. But you had forgotten to take a printout and keep them in the car. You are on the way to an important meeting, and the policeman stops your car and asks you for your license and insurance documents.
Situation no 4: 
Here is an even worse scenario than situation no: 3. You had totally forgotten to renew your policy documents, despite your dad reminding you. At least in the above situation, you can convince somebody from home to bring the documents.

Sounds scary right?
The best solution to avoid all these situations is an e-Insurance account.

What is an e-Insurance account? 
In most houses, the insurance documents and other important files are kept safe in a cupboard by our parents or partner. We assume that the documents will be secure and can be easily accessed during emergencies.
But ANYTHING COULD HAPPEN to the policy documents!

Just think for a moment about the comfort you can enjoy if you can store all your insurance policies in one place, where you are 100% sure that the documents won’t get damaged, lost or misplaced. So this is where e-Insurance comes into the picture.
e-Insurance is similar to a home safe, but it is a digital vault where all your documents will be safe and secure. It enables you to store and manage all your policies in a single dashboard which you can access easily anytime, anywhere. If you would like to update your contact details or KYC on your documents, you can do it through your eIA instead of standing in a long
queue at the insurance office.
This is an initiative taken by the IRDAI (Insurance Regulatory and Development Authority of India) to benefit both the policyholders and the insurance companies.

Benefits of an e-Insurance account

Enables Multiple Policy Viewing: You may have multiple policies ranging from car insurance to health insurance, and you can view the information of all these policies on a single dashboard at the touch of your finger.
Ensures Safety and Protection: There is no reason to fear losing the physical copies of your documents or damaging them. With e-Insurance, you get the assurance that your policies are in safe hands with digital backup.
Easy Tracking and Monitoring: How often have you missed paying your premium renewals before the deadline? With an eIA account, you can avoid unwanted policy lapses by receiving timely alerts for premium deadlines and policy renewals.
Creates Paperless Environment: Why manage paper bundles when you can view all your policy documents in a single click? Converting from paper to digital, not only saves your time and efforts but also the earth. The simplest steps can make the biggest change – and e-Insurance is one easy and small step which you can take.

Reduces Instances of Fraudulent Acts: When you register for an e-Insurance account, you are provided with a unique 13 digital eIA number. The account will be password protected and only you can access it.  In a nutshell, you as an insurance buyer can be shielded against fraudulent sources occurring due to the issuance of fake documents and forged signatures.

Facilitates Effortless Premium Payments: A lot of time and effort can be saved through online transactions. By paying your premiums on a digital platform, you can avoid the hassle of standing in queues. Electronic receipts can also be printed with just a click.

Provides Professional Support:  You can avoid the hassle of receiving numerous alerts of multiple policy updates from various communication mediums. By digitizing your insurance policies, you can initiate online requests and obtain support from insurance experts and advisors.

Enables Accessibility:  Policy information can be easily retrieved and managed online, anytime and anywhere without restrictions. In case of the unforeseen death of the e-Insurance account holder, the appointed nominee can also view the policy information provided he/she is the ‘Authorized Representative’. This way, the relatives of the deceased individual are not kept in the dark about the insurance policies opted for during his or her lifetime.

3 Interesting facts about an e-Insurance

  • You can open an e-Insurance account even before you purchase an insurance policy
  • The IRDAI has mandated e-Insurance account for all claims above 10 lakhs.
  • Creating an e-Insurance account takes less than 30 minutes and is free-of-cost

How to open an e-Insurance account? 

  • The IRDAI has authorised only 4 repositories in India for maintaining an eIA account and Policygenie by CAMSRep is one amongst them.
  • To open an e-Insurance account with PolicyGenie, go to our website www.policygenie.in
  • Right at the beginning of the homepage, you will be given two options through which you can open your eIA account. You can either open the account through our website or through WhatsApp.
  •  Keep your PAN Card and address proof beside you as you will be asked to fill in a few details.
  • That’s it! Just fill in all the details and your account will be created in a jiffy.

 

Now that we have shed some light on e-Insurance, we hope you understand how important and effective an eIA account is. The future holds a lot of promise for the e-Insurance account holders in terms of speed, accuracy, efficiency, and transparency. Get your e-Insurance account today!