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Saturday, April 13 2024
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India Mandates Digital Insurance Policies from April 2024

E Insurance
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Starting April 1, 2024, the issuance of insurance policies in India has taken a digital leap forward, in accordance with the latest directives from the Insurance Regulatory and Development Authority of India (IRDAI) under its Protection of Policyholders’ Interests regulations. This significant shift mandates that all insurance policies are now to be issued in a dematerialized format, a move supported by four designated insurance repositories: CAMS Repository, Karvy, NSDL Database Management (NDML), and the Central Insurance Repository of India.

WHAT IS AN E-INSURANCE?

E-insurance, or electronic insurance, signifies the procurement and management of insurance policies in digital form. These digital policies are securely stored in an electronic Insurance Account (eIA), making it convenient for policyholders to handle various types of insurance policies such as life, health, and general insurance under a single account.

STEPS TO OPEN AN eIA:
1. Select and download the eIA opening form from the website of the chosen insurance repository.
2. Complete the form and attach the necessary Know Your Customer (KYC) documents.
3. Submit these documents in person at an insurance company branch where you have a policy.
4. An authorized representative will verify your documents against their originals to process your application.
5. Original KYC documents must be presented at the time of form submission.
6. The eIA will typically be activated within 7 days after the submission is fully processed.

REQUIRED DOCUMENTS:
– A recent passport-sized photograph
– PAN card
– Proof of date of birth
– A valid identity proof
– Proof of address

CONVERTING EXISTING POLICIES TO E-INSURANCE:
1. Complete a Policy Conversion Form, including your name, policy number, e-insurance account number, and the name of your insurance provider.
2. Submit this form along with the e-Insurance Account Opening Form to the nearest branch of your insurance company or an authorized individual.
3. You will receive a confirmation via SMS and email once your policy has been successfully credited to your e-Insurance Account, marking the completion of the conversion process.

 

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