Opening an e-insurance account is simple and quick. You’ll be required to fill an account-opening form and submit your Know Your Customer (KYC) documents. Within seven days of submitting the application, your account will be active. You’ll be provided with login and password details to access your account online. Once your account is active, you can raise service requests to dematerialise your existing policy documents. These requests can be submitted directly to the repository, its agents or to your insurer. This usually takes about a week.
It’s a free service. No costs attached whether you’re opening an e-insurance account or converting your existing policies into the demat format. Your insurance company will pay the repositories for maintaining your records. With electronic-insurance accounts gaining popularity, you can expect cheaper insurance policies in the future. When it comes to cost benefits, it’s a win-win situation for both policyholders and insurance companies.
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