E-insurance is mandatory for certain insurance policies according to IRDAI. It allows policies to be stored digitally in an electronic insurance account. Policies for life, health, motor, and travel insurance exceeding certain premium amounts must be in electronic form. Advantages of e-insurance include easy storage of all policies in one place, reduced risk of losing paper policies, and ability to store policies from different insurers together. Individuals can open an e-insurance account by working with an approved repository like CDSL or CAMS and submitting KYC documents.

1. All about E-Insurance
We tell you all about electronic insurance

2. 1. What is e-insurance?
● It’s an electronic insurance account and it’s mandatory to have one
according to IRDAI
● This account is used to keep all your insurance policies in the
electronic or digital form.
● You can convert your life insurance, car insurance, home insurance
and health insurance policies into digital form and store in your e-
insurance account.
● For most of the insurance policies, if your single premium or annual
premium exceeds Rs 10,000, it will have to be issued electronically
and stored in an e-insurance account.
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3. 2. What is e-insurance?
● In case of motor insurance and overseas travel insurance, all
policies will be issued electronically and personal accident policies
will be issued in digital form if the premium exceeds Rs 5,000.
Policy Sum Assured Premium
Term plan Rs 10 lakh Rs 10,000
Motor insurance All policies All policies
Health Insurance Rs 5 lakh Rs 10,000
Life Insurance other than term plan Rs 1 lakh Rs 10,000
Overseas travel insurance All policies All policies
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4. 3. Advantages
● The e-insurance account can also make your life easy as it helps you store all your
policies in a single place.
● When you have your insurance policy in the paper format you need to store it carefully
and there are chances of misplacing the paper. You needn’t worry about this if they are
stored in the digital format.
● The best part is that you can store insurance policies issued by different insurers in a
single e-insurance account.
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5. 4. How to open an e-insurance account
● One individual is allowed to have only one e-insurance
account.
● You can ask your insurer to open an account or you can get
in touch with a repository like the CDSL Insurance
Repository or CAMS Repository Services, to open the
account.
● Your insurer will partner with any one of the repositories in
India to open your e-insurance account.
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6. 5. What are e-insurance repositories?
● Repositories are approved by IRDAI to provide e-insurance services.
● The repositories include:
● CAMS Repository Services Ltd
● Central Insurance Repository of CDSL
● Karvy Insurance Repository
● NSDL Database Management.
● The services provided by these organisations for opening e-insurance
account are done free of cost.
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7. 6. How to open your account online
● Choose a repository and visit their website.
● Find the e-insurance account opening form and download it.
● If you are given the option to fill the form online, you can fill up the form before downloading it.
● Check the Know Your Customer (KYC) documents such as a copy of your PAN card, Aadhaar card,
passport, ration card and voter ID. You may also need a cancelled cheque.
● This form needs to be submitted along with the documents to an approved entity. You can get the list of
such entities from the repository’s website. You can also submit the form along with the KYC documents to
your insurer.
● The documents will go through a verification process where they will be compared to the originals.
● The e-insurance account is opened as soon as the verification is done.
● Get your e-insurance account number and login id.
● You will be provided with the steps you need to follow to set the password for your account.
● Once you set the password, your e-insurance account will be ready for use.
● You can start storing all your policies in your e-insurance account once you have set it up. You can use the
same account for different policies.
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8. Want to know more about e-insurance?
Read this post:
https://www.rupeeiq.com/content/all-about-e-insurance-store-your-
policies-in-digital-form-in-repositories/