E-Insurance Policy And Its Benefits

What is E-Insurance Policy

E-insurance is nothing but electronic insurance, a new concept for buying and using health insurance plans in India. It is an online account that works in ways similar to a Demat account. With an e-insurance account, you can keep your insurance policy documents and related information in an electronic format. This way, your documents can stay safe for future use.

With the electronic account, all documents, transaction history, and information related to any of your policies are stored in one place. You can access information regarding your maturity status, nominations, policy commencement dates, terms and conditions. etc. in your e-insurance policy account. Thus, you won’t have to go look for the physical documents any time you need anything. You can download documents of your health insurance plans easily if you have an e-insurance policy.

According to experts, there are many different benefits of having e-insurance plans. You can even have an e-super top up health insurance plan. E-insurance plans are not only convenient but also also cost-efficient. Also, they reduce any chances of fraud. Again, the processes for all the documentation are in digital form. Thus, there is no need for any physical documentation, making the method extremely eco-friendly as well.

Benefits of E-Insurance Policy

Below are some of the benefits of holding an e-insurance policy:

• When you have an e-insurance account in place, you are well informed about your transactions and money management. Also, as there is no presence of an insurance agent in the e-insurance policy, the funds like the fund for the premium payment, etc. are transferred directly to the insurance company.
• All your financial documents remain safe with an e-insurance account. With a paper policy, there are greater chances of loss and damage. An e-insurance policy saves you from unnecessary paperwork. It also safeguards against loss or theft of policy.
• Holding an e-insurance account is convenient as you get all your useful health insurance plans, investment plans, pension plans, health policies like

super top-up, etc. on a single platform. Any plan stored in an e-insurance account is referred to as an e-insurance policy. You are able to access the policies on your e-account whenever you need to access them.

• Now, let us talk how by using an e-insurance account, fraud chances have become low. According to e-insurance account experts, there have been many cases where insurance agents have misguided customers, asked for money and mismanaged customers’ funds. Having an e-insurance policy in place lowers such agency frauds.
• When you have an e-insurance account, you are not required to go through KYC verification whenever you buy a new policy, of course, unless there is a change in your KYC details. While purchasing a new health insurance plan, you can mention your e-insurance account number, and that will suffice for all the account registration requirements.
• As all the documentation and processings are in the digital form, there is no need for physical documentation. Thus, the electronic insurance method turns out to be extremely eco-friendly as you use the insurance plans without papers throughout your life.
• Buying a health insurance plan online eliminates the commission charges associated with an insurance agent. Therefore, you get your insurance policy at a low premium. Thus, purchasing a health insurance plan online is cost-efficient.
• Again, let’s talk about the eco-friendly nature of e-insurance policies. For e-insurance policies, your insurance company would usually pay for the costs associated with converting paper-based policies to its online form. You, as a policyholder, do not have to pay any extra charge for your e-insurance policy.

Thus, e-insurance plans are a new way to have and benefit from health insurance plans. IRDAI has recently issued guidelines to insurance repositories. The regulator has issued guidelines related to the electronic issuance of insurance policies.

National Insurance Repository (NIR) of NSDL will facilitate holding all insurance policies in an electronic form with a single e-Insurance Account (eIA). Maintain, store, and retrieve your health insurance policies and their information quickly with an e-insurance account.

Mumbaikar, MBA Student, Traveler, Foodie, & all I need is Coffee and Mascara.