eIA stands for "e-Insurance Account" or "Electronic Insurance Account". This e-Insurance account gives policyholders access to their life insurance portfolio at a few clicks.
Benefits of an eIA:
- No more physical policy documents
- View and manage all your life insurance policies under a single account
- Once KYC documents are submitted and eIA is opened, KYC documents not required for purchase of new life insurance policies
- Changes in contact details get auto updated in all your policies across all life insurers
- Opening eIA is free
IRDA has granted the Certificate of Registration to the following four entities to act as 'Insurance Repositories' that are authorized to open e-Insurance Accounts.
- NSDL Database Management Limited
- Central Insurance Repository Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited