The Insurance Regulatory and Development Authority (IRDA) has approved the establishment of an Insurance Repository, named NSDL National Insurance Repository (NIR). NIR will streamline the storage of all types of insurance policies in electronic format within a single e-Insurance Account (eIA), eliminating the drawbacks associated with maintaining policies in physical form.
Additionally, eIA will simplify the Know Your Customer (KYC) process for account holders, as the initial KYC completed during account opening will negate the need for repetitive KYC procedures for each insurance policy purchase.
What is an e-Insurance Account (eIA)?
An e-Insurance Account (eIA) is a digital platform provided by NSDL National Insurance Repository (NIR) for holding various types of insurance policies electronically. Approved by the Insurance Regulatory and Development Authority (IRDA), the eIA allows policyholders to store all their insurance policies in one place, eliminating the need for physical documents. It simplifies the Know Your Customer (KYC) process by requiring it only once during account opening and streamlining policy purchases.
Additionally, the eIA serves as a central hub for updating demographic details with insurance companies and facilitates the conversion of paper policies into electronic format upon request.
Benefits of opening eIA
Given below are the benefits of opening an eIA:
- Consolidated storage of all insurance policies in a single eIA.
- One-time updating of Know Your Customer details.
- Policy storage in electronic format.
- Consolidated insurance statement accessibility.
- Single point of contact for updating contact details.
- Receipt of premium alerts and payment facilitation for all insurers.
- Enhanced service touchpoints for increased convenience.
