I have an old insurance policy. How do i get it converted to electronic form?
You will have to open an eIA account with the approved insurance repository. Request forms are available with all insurance repositories to open a new eIA account for policy conversion to digitized format. Once the form is submitted, the insurance repository offers an e-Account number which acts like a unique id for the account. All future policy details are sent from an insurer to the insurance repository digitally.
Here are the steps to convert your policy to electronic form.
You need to open an e-insurance account. You can do this with the help of an insurance provider or a repository such as National Securities Depository Limited (NSDL) Database Management, Central Insurance Repository, Computer Age Management Services (CAMS) Repository Services, and Karvy Insurance Repository. You need to submit an account opening form along with Know Your Customer (KYC) documents.
Now, to convert your existing policies to the electronic form, you need to get the Policy Conversion Form from the website of a repository.
You need to fill separate forms for each of the insurance providers who issued the policies to you.
You can submit the form in any one of the following ways to get your policies converted:
Submit the form to an approved person as listed on the repository’s website. This would be financial institutions such as banks or stock brokerages.
Submit it to the nearest branch of the insurance provider. Note that you need to submit separate forms for each of the insurance providers. For example, if you have two policies from insurer A and 1 from B, you need two conversion forms. One for A and one for B.
Courier it to the repository’s address.
Scan and email it to an email address provided by the repository and then courier the hard copy to repository’s address.
You don’t need to submit your physical policy document along with the policy conversion form. This is because the conversion form will require you to enter your policy details along with your e-insurance account details.
Once the insurance provider receives your request for conversion of your policies, they will link the policy to your e-insurance account.
You will receive alerts through SMS as well as email once the policy has been added to your e-insurance account.
Note that you have the option of submitting the conversion form along with the application for your e-insurance account. However, you can link the policy to the e-insurance account only after you get the e-insurance account number.
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