eIA stands for e-Insurance Account or "Electronic Insurance Account" which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. You can now manage all your life insurance policies of all insurers under a single e-Insurance Account.
IRDA has granted the Certificate of Registration to the following four entities to act as 'Insurance repositories' that are authorized to open e-Insurance Accounts.
Direct Debit The Direct Debit facility is another automated facility which enables you to set up auto-debit instructions on your bank account for regular debit of your premium amounts.
Credit Card ICICI Prudential policyholders can pay premium via Credit Card (Master Card / Visa / American Express)
ECS (Electronic Clearing Service) ECS is an automated facility which debits your premium from the bank account specified by you, on your premium due date.
Bill Junction Register on www.billjunction.com to make your renewal premium payments via net banking.
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Your account will be created within 7 days from the date of submission of application complete in all respects.
Skypak Drop Box You can also avail Skypak drop box facility to pay premiums.
| Q1. | What is an Insurance Repository? | ||
| Ans. | "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. | ||
| Q2. | What is the objective of an Insurance Repository? | ||
| Ans. | The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy. In addition, the repository acts as a single stop for several policy service requirements. The Insurance repository system also brings about efficiency and transparency in the issuance and maintenance of insurance policies. | ||
| Q3. | Can any individual/firm act as an Insurance Repository? | ||
| Ans. | No, only an entity which is registered under company's act and who is granted a 'Certificate of Registration' by Insurance Regulatory and Development Authority (IRDA) can act as an Insurance Repository. | ||
| Q4. | Can Insurance repository sell/solicit Insurance policy? | ||
| Ans. | No, Insurance repositories cannot sell/solicit insurance policies. They are authorized only to maintain the policies in electronic form and provide a service record of all insurance policies. | ||
| Q5. | What is an eIA (e-Insurance account)? | ||
| Ans. | eIA stands for e-Insurance Account or "Electronic Insurance Account" which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. IRDA has granted the Certificate of Registration to the following four entities to act as 'Insurance repositories' that are authorized to open e-Insurance Accounts: | ||
| a) | M/s NSDL Database Management Limited | ||
| b) | M/s CDSL Insurance Repository Limited | ||
| d) | M/s Karvy Insurance Repository Limited | ||
| d) | M/s CAMS Repository Services Limited | ||
| Each e-Insurance Account will have a unique Account number and each account holder will be granted a unique Login ID and Password to access the electronic policies online. | |||
| Q.6 | How will I know which discrepancy is triggered for which case? | ||
| Ans. | NO. e-Insurance account is offered 'free of cost' to the applicants. | ||
| Q.7 | Can any individual open more than one e-insurance account with any Insurance Repository? | ||
| Ans. | NO. As per the IRDA guidelines, an individual cannot open multiple e-Insurance accounts. | ||
| Q.8 | Who is an Approved Person (AP)? | ||
| Ans. | An Approved Person is a Point of Sale (PoS) appointed by Insurance Repository and will be working on behalf of Insurance Repository to extend the IR services | ||
| Q.9 | What is an e-Insurance account application form? Where can it be obtained from? | ||
| Ans. | An e-Insurance account application form is one that is used by an individual to open an e-insurance account with the Insurance Repository. This form would be available with Insurance Company, Insurance Repository or an Approved Person. | ||
| Q.10 | What are the requirements to be completed for opening an e-Insurance account? | ||
| Ans. | An e-Insurance account holder or policyholder is required to: | ||
| a) | Fill the e-Insurance account form and | ||
| b) | Submit the following documents to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository: | ||
| 1. | Photo ID | ||
| 2. | Recent passport size photograph | ||
| 3. | Cancelled Cheque ( In case of ECS/NEFT services for insurance premium payment transaction) and | ||
| 4. | Address proof | ||
| Q.11 | Which are the valid KYC documents? | ||
| Ans. | Identity proof (any one): | ||
| a) | PAN Card | ||
| b) | UID | ||
| Address proof (any one): | |||
| a) | Ration card | ||
| b) | Passport | ||
| c) | Aadhar letter | ||
| d) | Voter ID card | ||
| e) | Driving license | ||
| f) | Bank Pass Book (not more than 6 months old) | ||
| g) | Verified copies of: | ||
| i) | Electricity bills (not more than 6 months old) | ||
| ii) | Residence Telephone Bills (not more than 6 months old) | ||
| iii) | Registered Lease and License agreement / Agreement for sale | ||
| Self-declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts. | |||
| Identity card/document with address, issued by: | |||
| a) | Central/State Government and its Departments | ||
| b) | Statutory/Regulatory Authorities | ||
| c) | Public Sector Undertakings | ||
| d) | Scheduled Commercial Banks | ||
| e) | Public Financial Institutions | ||
| f) | Colleges affiliated to universities | ||
| g) | Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their Members | ||
| Q.12 | Can I open an e-Insurance account without having a life or non life policy for my own self? | ||
| Ans. | Yes, an individual who is not having any insurance policy can open an e-Insurance account. After buying a policy, the policyholder can give a request for dematerialization to the Insurer or Insurance Repository or Approved Person. | ||
| Q.13 | How many days does it take to open an e-Insurance account after all the necessary formalities are completed? | ||
| Ans. | An e-Insurance account will be opened within 7 days from the date of submission of application complete in all respects. Once, an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/e-Insurance account holder. | ||
| Q.14 | How will I come to know that my e-Insurance account has been opened & how will I receive my User ID & Password? | ||
| Ans. | Once e-Insurance account is created, you will receive a welcome kit. A pin mailer shall be sent separately. Using the login credentials and PIN, you can access and start using your e-Insurance account. | ||
| Q.15 | Can I convert my existing paper polices into electronic policies? | ||
| Ans. | Yes, it is possible to convert the existing paper policies into electronic form. A service request may be made to the Insurance Repository or Insurer or the Approved person in this regard. | ||
| Q.16 | If I already have an e-Insurance account, how do I buy a new policy in electronic form? | ||
| Ans. | Once you have opened an e Insurance Account, to buy a new policy in electronic form, you just need to quote your unique e-Insurance account number in your new insurance proposal form and make a request to issue policy in an electronic form. | ||
| Q.17 | Which are the insurance policies that can be held in electronic form? | ||
| Ans. | All Life insurance, Health insurance, General insurance & Annuity policies that are issued by registered insurance companies with IRDA and who have signed up with the Insurance Repositories are eligible to be held in the electronic form. | ||
| Q.18 | How can I come to know that my policy is successfully credited into my e-Insurance Account? | ||
| Ans. | You will receive a mail and SMS on your registered e-mail id and mobile number. | ||
| Q.19 | What are the charges for maintaining policies in electronic form? | ||
| Ans. | All the services provided by Insurance repositories are FREE of charge. | ||
| Q.20 | What are the benefits of holding Insurance Policies in electronic form? | ||
| Ans. | The following are the broad benefits of holding Insurance Policies in electronic form: | ||
| a) | Safety: There is no risk of loss or damage of a policy as is common with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed whenever and wherever needed. A copy of the policy can be downloaded at any time by accessing the e-Insurance account. | ||
| b) | Convenience: All insurance policies, be it life, pension, health or general, can be electronically held under a single e-Insurance account. This means all details of all policies are available in a single account (place). The details of any of the policies can be accessed at any time by logging on to the online portal of Insurance Repository. | ||
| c) | Single Point of Service: Service requests in respect of e-Insurance account or any of the electronic policy can be submitted at any of Insurance Repository’s service points. A single request can sometimes cater to the requirements of several Insurers. As an illustration, a single change of address request made to the Insurance Repository can update the policies issued by multiple Insurers. There would be no need to go to several offices of individual Insurers for service. | ||
| d) | Less Paper work and savings in time: An e-Insurance account holder is freed from the trouble of submitting KYC details each time a new policy is taken. Further, any changes in personal details like address or contact number can be effected through a single request thus saving on paper and time. | ||
| e) | Statement of Account: At least once every year, the Insurance repository would send a statement of account to the e–Insurance account holder with the details of the policies of the account holder. | ||
| f) | Payment Options: Premium for all the policies can be paid online and several service requests can be logged from the e-Insurance account. | ||
| g) | Increased number of service touch points: Since, the Insurance repositories function in addition to the Insurers, the policyholders will have increased number of touch points for having their servicing needs attended. | ||
| h) | Easy payout transfers: Policy benefits would be paid through electronic facility to the registered bank account, thus ensuring speedier and convenient settlement. | ||
| i) | Single view: Single view of all policies will be made available to an authorized person in case of death of the e-Insurance account holder. | ||
| Q.21 | What all policy details will be available in the e-insurance account? | ||
| Ans. | A list of all policies that are credited will be available in the e-Insurance account. For each policy, policy level details like the status, commencement, maturity/expiry, nomination, assignment, endorsement, address, terms and conditions etc., would be available. In addition, the e-Insurance account holder will be able to download a copy of the policy bond. | ||
| Q.22 | What is the procedure to effect changes in my policy or e-Insurance Account? Should the request be made to the Insurance Company or IR? | ||
| Ans. | All requests in respect of either your e-Insurance account or any of the electronic policies may be made to the Insurance Repository. However, requests in respect of the policies can also be made directly with the Insurer concerned. | ||
© 2013 ICICI Prudential Life Insurance Co. Ltd. Registered Address: ICICI Prulife Towers, 1089, Appasaheb Marathe Marg, Prabhadevi, Mumbai 400025. Reg No: 105. Insurance is the subject matter of the solicitation. Comp/doc/Sept/2013/610
