Insurance policies are essential for financial protection. India’s market stands among the fastest-growing globally. It ranks tenth in life insurance plans and fourth for general protection across Asia1.
Swiss-Re Institute's January 2024 report forecasts that, from 2024 to 2028, India will see a 7.1% annual rise in premium volumes, surpassing global averages (2.4%), emerging markets (5.1%), and advanced economies (1.7%)2. This notable increase signals the country's expanding insurance penetration, solidifying its role in the international market.
Here is the growth of life and non-life premiums over the years as per the annual report report released by the IRDAI-Insurance Regulatory and Development Authority of India in December-20233:
With growing awareness of insurance, reflected in rising premiums, taking the traditional route can be stressful because:
The traditional way may feel endless and slow. That is where e-insurance comes in. It facilitates paperless policy management. Everything is digitised and easily accessible.
Curious how e-insurance can simplify your experience? Keep reading to learn more.
E-insurance is a digital shift in how we handle insurance. It replaces paper-based systems with online access, allowing you to store all your insurance information in a single, secure digital space—called an e-Insurance Account (eIA). With this account, your life, health, or general insurance plans are safely kept in one location, available whenever you need them.
Each individual receives a personal eIA identifier for all future insurance-related activities. This ID links your different policies, regardless of the provider, into one streamlined system. No more juggling forms or logging into various platforms—everything is connected in one place.
1. Setting Up Your eIA
The process begins with opening an account and receiving a unique eIA number. This system is operated by authorised Insurance Repositories, certified by IRDAI, such as:
2. Adding Existing And New Plans
Paper-based policies including life insurance cover or non-life covers, can be digitised and linked to your account. New ones are automatically issued in electronic format when your eIA number is provided during purchase.
3. Using Your Account
Your account provides:
4. Extra Features
Get reminders for upcoming payments, compare coverage options, and stay organised with everything in one secure platform.
Following is a short guide to walk you through the procedure.
Begin by choosing from the four IRDAI-approved repositories, as mentioned above. Download the application form from their respective websites. For example, let us consider NSDL4.
Input your contact details, including your name, address, and phone number. Make sure everything is accurate. It can be filled online.
You may also have the option to fill in the details on the physical form and submit it to an authorised person.
Attach self-attested copies of the following:
You can hand in your application online or at a branch, depending on the repository’s options.
Once approved, you will receive your eIA number and login credentials to access and manage your policies securely.
Yes, beginning April 1-2024, all new insurance in India must be issued electronically. This shift, mandated by the IRDAI, applies across all channels, both online and offline. Physical copies will no longer be provided5.
You will not be able to choose between digital and paper formats anymore—everything will be issued electronically. This change, however, comes with no added costs. Policyholders may set up an electronic insurance account for free.
However, the IRDAI may grant exemptions to this requirement if it benefits policyholders or supports the industry's development. Insurers must offer an option within the proposal form for those preferring a paper document. Even when a policy is issued digitally, a hard copy must be made available if the customer requests one.
This mandatory shift to electronic policies is aimed at streamlining the insurance experience. It simplifies management while ensuring that your personal data remains well-protected.
Yes, transitioning your traditional insurance documents into e-format is possible and straightforward. This process makes sure that all your coverage is digitally organised.
First, complete the necessary conversion form, providing key details like your policy number, insurer's name, and your eIA number. If you have not set up an eIA yet, you can apply for it at the same time, following the process as noted earlier.
Once the form is filled out, hand it in along with your KYC documents to your insurer or an approved Insurance Repository. After verification, you will receive confirmation via SMS or email, indicating that your policy has been digitised. Plus, this conversion is also free of charge.
Switching to e-insurance brings a new level of convenience and security to handling your coverage. By moving your policies into a digital format, you gain easier access and better control. Whether you're creating a new e-Insurance Account or converting existing coverage, the process is simple and free.
As of April 2024, all policies will be digital, ensuring streamlined processes and stronger data protection for all policyholders. With this change, the way your insurance is set up and managed in the present era has significantly improved.
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1. What is meant by e-insurance?
E-insurance is a system where your coverage details are stored digitally. Instead of physical documents, everything is kept in an e-Insurance Account (eIA). This online platform lets you view, update, and track different types of coverage like life or health plans. It removes the need for paperwork, offering a convenient way to oversee all your important policy information.
To get started with e-insurance, choose an authorised insurance repository such as NSDL or CAMS. Download the application, fill in your details, and attach necessary KYC documents like ID and address proof. Submit everything online or at a branch. Once your application is processed, you will receive a unique account number and login credentials to manage your policies digitally.
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