All You Need to Know About E-Insurance Account

After IRDAI approved Bima Sugam (An amazon-like platform), an e-insurance account is likely to become mandatory for all policyholders.

What is an E-Insurance Account?

An e-insurance account (eIA) will be an electronic account (on Bima Sugam) where a policyholder can manage all his life and non-life insurance policies. The policies that are stored in an e-insurance account are referred to as e-insurance policies.

Features of an E-Insurance Account

1. A policyholder can only have one eIA in his/her name.
2. The eIA will hold all the insurance policies including life, pension, general or health insurance policies.
3. Insurance policies from multiple insurers will be held in a single e-insurance account.
4. Every eIA is assigned a unique account number that can be used for all insurance policies from different insurers.

Benefits of E-Insurance Account to Policyholders

Increases Safety and Security

An electronic insurance account protects your insurance policy from theft and loss. Also, it will prevent insurance mis-selling and fraud.

KYC Submission

The eIA helps to hold all insurance policies in one place. Therefore, a policyholder is required to submit his KYC documents once. He does not need to submit them every time he buys a new policy.

Convenient

Easy to access policies anytime, anywhere, and in just a few clicks. A policyholder can conveniently buy different insurance plans from a variety of insurers with a single e-insurance account.

Easy to make Premium Payments

With the help of an electronic insurance account, one can make premium payments online – no need to physically visit the insurance company to pay premium through cheque or cash.

Easy to Monitor All Insurance Policies

As the insurance repository sends a yearly statement of the policyholder’s eIA with the details of all his policies, the policyholder can effortlessly monitor his policies.

In case, you face a problem related to insurance like mis-selling, fraud, delay in claim, claim rejection, etc, you can approach Insurance Samadhan. We have resolved more than 14,500 insurance complaints.

Contact us to get samadhan for your insurance-related issues, we’ll be happy to help you.

Click on the below links to read some cases resolved by Insurance Samadhan:

Dengue claim rejection

Mis-selling in a life insurance policy

Insurance fraud