The Hindu Business Line : 2019-02-11

YOUR MONEY : 10 : 10

YOUR MONEY

CHENNAI YOUR MONEY 10 BusinessLine MONDAY FEBRUARY 11 2019 • • Have a question on insurance? Send your queries to [email protected] Insurance Uncovered Following are the frequently asked questions from IRDAI: What is an eIA (e-Insurance account)? ■ eIA stands for e-Insurance Account or electronic insurance account, which will safeguard the insurance policy documents of policyholders in an electronic format. The eIA will facilitate the policyholder by providing access to the insurance portfolio at the click of a button through the internet. IRDA has granted the Certificate of Registration to the following five entities to act as ‘insurance repositories’ that are authorised to open eIA. NSDL Database Management, Central Insurance Repository, SHCIL Projects, Karvy Insurance Repository and CAMS Repository Services Each eIA will have a unique account number and each account holder will be granted a unique login ID and password to access the electronic policies online. Full tax rebate Section 87A provides full tax rebate for individuals with annual taxable income of up to ₹5 lakh Do I need to pay for opening of an eIA on a periodic basis? ■ No. eIA is offered free of cost to the applicants. Can I open an eIA without a life or non-life policy for myself? ■ Yes, an individual who does not have an insurance policy can open an eIA. After buying a policy, the policyholder can give a request for dematerialisation to the insurer or insurance repository or approved person. How many days does it take to open an eIA after all the necessary formalities are completed? ■ An eIA will be opened within seven 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/eIA. Can I convert my existing paper polices into electronic policies? ■ Yes, it is possible to convert the existing paper policies into electronic form. A service request may be made to the insurance repository or insurer or the approved person in this regard. Which are the insurance policies that can be held in electronic form? ■ All life insurance, health insurance, general insurance and annuity policies that are issued by registered insurance companies with IRDA and who have signed up with the insurance repositories are eligible to be held in the electronic form. Keep in mind ■ ■ ■ Grace time You cannot revive or renew your health policy, post the grace period Premium Tracker Max Max Cover- Policy age term (years) (years) Annual Premium (incl.GST) (₹) Claim Settlement ratio (%) Company Plan Name For a 30-yr old male, non-smoker, for sum assured of ₹ 1 crore upto 70 years Aditya Birla Capital DigiShield Plan 80 40 11,965 96.38 Aegon Life iTerm 100 82 8331 95.67 Aviva Life Insurance iTerm Smart 80 62 9,007 94.45 Bajaj Allianz eTouch 75 40 14067 92.04 Bharti AXA Flexi Term Plan 85 67 9440 96.85 Canara HSBC OBC Life Insurance iSelect 80 40 9491 95.22 DHFL Pramerica Life Insurance Flexi e-Term 75 57 9403 96.62 Edelweiss Tokio Life Insurance Zindagi+ 80 62 9206 95.24 Future Generali Flexi Online Term 75 57 9427 93.11 HDFC Life Click2Protect 3D Plus- Life Option 100 74 12478 97.80 ICICI Prudential iProtect Smart 100 81 12502 97.88 IDBI Federal Life Insurance iSurance Flexi Term 80 62 12402 91.99 India First Life e-Term Plan 80 40 8260 89.83 Kotak Life Insurance Kotak e-Term Plan 75 57 9558 93.72 LIC eTerm 75 35 20350 98.04 Max Life Online Term Plan Plus 85 50 10148 98.26 PNB Met Life Mera Term Plan 99 81 10146 91.12 Reliance Nippon Life Digi Term Plan 80 40 11012 95.17 SBI Life eShield New 75 30 11092 96.76 TATA AIA Life Sampoorna Raksha 100 40 9912 98.00 For a 30-yr female, non-smoker, for sum assured of ₹ 1 crore coverage upto 70 years Aditya Birla Capital DigiShield Plan 80 40 10,130 96.38 Aegon Life iTerm 100 82 6861 95.67 Aviva Life Insurance iTerm Smart 80 62 7,741 94.45 Bajaj Allianz eTouch 75 40 10896 92.04 Bharti AXA Flexi Term Plan 85 67 8260 96.85 Canara HSBC OBC Life Insurance iSelect 80 40 8022 95.22 DHFL Pramerica Life Insurance Flexi e-Term 75 57 8025 96.62 Edelweiss Tokio Life Insurance Zindagi+ 80 62 7522 95.24 Future Generali Flexi Online Term 75 57 8184 93.11 HDFC Life Click2Protect 3D Plus- Life Option 100 74 11004 97.80 ICICI Prudential iProtect Smart 100 81 11028 97.88 IDBI Federal Life Insurance iSurance Flexi Term 80 62 10136 91.99 India First Life e-Term Plan 80 40 7080 89.83 Kotak Life Insurance Kotak e-Term Plan 75 57 8260 93.72 LIC eTerm 75 35 20350 98.04 Max Life Online Term Plan Plus 85 50 7670 98.26 PNB Met Life Mera Term Plan 99 81 8675 91.12 Reliance Nippon Life Digi Term Plan 80 40 8719 95.17 SBI Life eShield New 75 30 9617 96.76 TATA AIA Life Sampoorna Raksha 100 40 9086 98.00 Source: www.policybazaar.com and individual companies Claim Settlement Ratio- as per IRDAI Report 2017-18 LIC coverage is upto 65-yr and SBI coverage upto 60-yr

© PressReader. All rights reserved.