Is getting an e insurance account chargeable


Is getting an e insurance account chargeable? If yes how much do we have to pay for getting an
e-insurance account?


No you do not have to pay anything to get an e-insurance account. Just shortlist one of the insurance repositories as approved by IRDA to open your e-insurance account. You can download the application form by either visiting the website of any of the insurance repository or by physically visiting their office. You can also port from one e-insurance repository to the
other and that is also free of charge.


Do we need to open e-insurance account for each policy?


No as an individual you can only open one e insurance or eIA account. In fact all your insurance plans will get linked to a single eIA account. You can open an eIA account with any regulated
insurance repository free of cost and also port your eIA account from one repository to another. You will need to comply with KYC norms as well.


Hi Aswani,

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.
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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BB Expert