Sin­gle In­sur­ance De­mat Ac­count

Consumer Voice - - Bfsi -

In 2013 the cen­tral gov­ern­ment, through the fi­nance min­istry, launched a sys­tem that would al­low pol­i­cy­hold­ers to hold all of their poli­cies in de­ma­te­ri­al­ized (de­mat) form un­der a sin­gle in­sur­ance ac­count, or e-in­sur­ance ac­count (e-IA). Thus, in­stead of phys­i­cally main­tain­ing files and man­ag­ing doc­u­ments, all in­sur­ance poli­cies held by an in­di­vid­ual can be man­aged in a sin­gle de­mat ac­count—just like stocks and mu­tual funds are main­tained online. But as of now, the open­ing of in­sur­ance de­mat ac­count is op­tional for the pol­i­cy­holder. Any of the five in­sur­ance repos­i­tory agen­cies ap­proved by In­sur­ance Reg­u­la­tory and De­vel­op­ment Au­thor­ity (IRDA) al­lows users to hold such ac­counts with them. The five com­pa­nies pro­vid­ing repos­i­tory ser­vices are Cen­tral In­sur­ance Repos­i­tory Ltd, Karvy In­sur­ance Repos­i­tory Ltd, NSDL Data­base Man­age­ment Ltd, SHCIL Projects Ltd, and CAMS Repos­i­tory Ser­vices Ltd. These com­pa­nies will open e-in­sur­ance ac­counts and main­tain data re­lated to poli­cies, and will be con­nected to in­sur­ance com­pa­nies for up­dat­ing ac­counts with the latest ac­tiv­i­ties of users and to en­sure seam­less ser­vice to them.

Here’s how to go about open­ing the ac­count: — Fill in a form with any of the five repos­i­to­ries men­tioned above. An in­di­vid­ual can open only one

such ac­count, which will bear a unique e-in­sur­ance ac­count num­ber. — The in­for­ma­tion re­gard­ing this ac­count can be ac­cessed on the web­site of the repos­i­tory ser­vice

provider via a lo­gin and a pass­word pro­vided by the repos­i­tory at the time of ac­ti­va­tion of the ac­count. — For those seek­ing a new pol­icy and e-IA, the best pos­si­ble way is to sub­mit the form along with rel­e­vant doc­u­ments and in­sur­ance pro­posal to the in­sur­ance com­pany, who in turn will han­dle the ac­count open­ing pro­ce­dure and stor­ing of the e-pol­icy there.

— An e-IA can be opened us­ing var­i­ous iden­tity and ad­dress proofs. — The e-IA is of­fered ab­so­lutely free to the pol­i­cy­holder. A de­mat in­sur­ance ac­count will be opened by

the repos­i­tory within seven busi­ness days from the date of re­ceiv­ing the ap­pli­ca­tion form.

Ben­e­fits of a de­mat in­sur­ance ac­count

— Your poli­cies in an elec­tronic form en­sure safety from any phys­i­cal dam­age to pol­icy doc­u­ments. — All kinds of in­sur­ance poli­cies such as health, pen­sion and term plans can be kept in the elec­tronic

form un­der a sin­gle ac­count. — All in­for­ma­tion on these plans can be ac­cessed through the ac­count, along with the op­tion to pay the

pre­mium online. — The ac­count also serves as a sin­gle point of ser­vice for all re­quests re­lated to your poli­cies with­out the

need to visit any branch phys­i­cally. — The de­mat in­sur­ance ac­count frees you from the has­sle of go­ing through the KYC ver­i­fi­ca­tion when

you buy an ad­di­tional e-pol­icy. — Any changes to your per­sonal de­tails (tele­phone num­ber, ad­dress, etc.) can be no­ti­fied di­rectly to your ac­count-hold­ing repos­i­tory, which in turn will in­form the in­sur­ance com­pa­nies of the re­lated change. E-in­sur­ance in In­dia is still in the process of reach­ing a crit­i­cal mass. While buy­ing a new e-in­sur­ance pol­icy, cus­tomers should make sure that their in­sur­ance com­pany has ties with your ac­count-hold­ing repos­i­tory to avoid any hic­cups.

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