Electronic Insurance Account (eIA)

In continuation with our previous article on Decluttering, this time we will discuss in detail the e-accounts, that will help you to keep all documents properly aligned, where your insurance documents are safe and secure and easy to use.

- Varuna Laddha

A policy holder can buy and keep all the policies under an electronic Insurance Account (eIA) with anyone of the Insurance Repository of his/ her choice. The existing policies in physical mode too can be dematerialized and held in the eIA. The access to all the policies is then available at a click of a button. The Insurance Repository System not only provides policyholders a facility to keep insurance policies in electronic form but also enables them to undertake changes, modifications and revisions in the insurance policies with speed and accuracy. In addition, the Repository acts as a ‘single stop shop’ for policy servicing.

“Insurance Repository” means 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.

To implement the Insurance Repository System, IRDA has granted Certificate of Registration to the following five entities to act as Insurance Repositories.