What is e-Insurance Account (eIA)?

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

 

Step 1: Download eIA opening form of your preferred Insurance Repository from below links:

Step 2: Fill the form and attach self attested copy of below mention required documents:

  • PAN or UID card
  • Address proof
  • DOB proof
  • Cancelled cheque

Step 3: Submit the forms along with self attested documents to your nearest ICICI Prudential Branch

To locate nearest branch click here.

Your account will be created within 7 days from the date of submission of application complete in all respects

  • What is an Insurance Repository?
    "Insurance Repository" is a company formed and registered under the Companies Act, 1956 (1 of 1956) and which has been granted a certificate of registration by Insurance Regulatory and Development Authority (IRDA) for maintaining data of insurance policies in Electronic form on behalf of Insurers. The Insurance Repositories provide the ease of holding insurance policies issued in an electronic form.
  • What is the objective of an Insurance Repository?
    The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy. In addition, the repository acts as a single stop for several policy service requirements. The Insurance repository system also brings about efficiency and transparency in the issuance and maintenance of insurance policies.
  • Can any individual/firm act as an Insurance Repository?
    No, only an entity which is registered under Company's Act and who is granted a 'Certificate of Registration' by Insurance Regulatory and Development Authority (IRDA) can act as an Insurance Repository.
  • Can Insurance repository sell/solicit Insurance policy?
    No, Insurance repositories cannot sell/solicit insurance policies. They are authorized only to maintain the policies in electronic form and provide a service record of all insurance policies.
  • Who is an Approved Person (AP)?
    An Approved Person is a Point of Sale (PoS) appointed by Insurance Repository and will be working on behalf of Insurance Repository to extend the IR services
  • What is an e-Insurance account application form? Where can it be obtained from?
    An e-Insurance account application form is one that is used by an individual to open an e-insurance account with the Insurance Repository. This form would be available with Insurance Company, Insurance Repository or an Approved Person.
  • What are the requirements to be completed for opening an e-Insurance account?
    An e-Insurance account holder or policyholder is required to fill the e-Insurance account form and submit the following documents to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository:
    1. Photo ID
    2. Recent passport size photograph
    3. Cancelled Cheque (In case of ECS/NEFT services for insurance premium payment transaction) and
    4. Address proof
  • Which are the valid KYC documents?
    Identity proof (any one): a) PAN Card b) UID
    Address proof (any one): a) Ration card b) Passport c) Aadhar letter d) Voter ID card e) Driving license f) Bank Pass Book (not more than 6 months old) g) Verified copies of: i) Electricity bills (not more than 6 months old) ii) Residence Telephone Bills (not more than 6 months old) iii) Registered Lease and License agreement / Agreement for sale
    Self- declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts. Identity card/document with address, issued by: a) Central/State Government and its Departments b) Statutory/Regulatory Authorities c) Public Sector Undertakings d) Scheduled Commercial Banks e) Public Financial Institutions f) Colleges affiliated to universities g) Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their Members
  • Can I open an e-Insurance account without having a life or non life policy for my own self?
    Yes, an individual who is not having any insurance policy can open an e-Insurance account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person.
  • How many days does it take to open an e-Insurance account after all the necessary formalities are completed?
    An e-Insurance account will be opened within 7 days from the date of submission of application complete in all respects. Once, an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/e-Insurance account holder.
Source.

 

To apply for an e-Insurance Account, download the application form of your preferred Insurance Repository provided below:

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