What is an Electronic Insurance Account?

The Electronic Insurance Account (or e-IA) is an online repository, where you can maintain all of your insurance policies, and from multiple insurers under a single account. This is maintained by the authorized Insurance Repository, and you can access your insurance portfolio conveniently with just the click of a button.

To open an Electronic Insurance Account, you have to follow these steps.

Step 1: Using the below links, you can select, and download the eIA opening form of your chosen Insurance Repository.

NSDL Database Management Limited

Step 2: Fill the form with relevant details, and attach self-attested copies of the following mandatory documents.

• PAN or UID card
• Address proof
• Proof of date of birth
• Cancelled cheque

Insurance Repositories (IR) are similar to Share Depositories, or Mutual Fund Transfer Agencies, where IR maintains data of insurance policies issued to individuals in electronic form, on behalf of the insurers. Furthermore, an Insurance Repository is licensed by the Insurance Regulatory and Development Authority (IRDA). Such policies are also called electronic policies, or e-Policies.

If you want to open an eIA account, you must submit ID proof, proof of date of birth, and address proof. Here is a comprehensive list of documents that you can furnish.

ID Proof:

Aadhaar Card, or PAN

Proof of date of birth

Address Proof:

It is important to remember that you have to submit original and relevant address proof for verification by the Insurance Repository. You can produce any of the following documents as the address proof.

• Ration Card
• Passport
• Aadhar Card
• Voter ID card
• Driving license
• Bank Passbook (not more than 1 month old)
• Verified copies of
  • Electricity bills (not more than 6 months old
  • Residence Telephone bills (not more than 6 months old) and
  • 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
  • Central/State Government and its Departments
  • Statutory/Regulatory Authorities
  • Public Sector Undertakings
  • Scheduled Commercial Banks
  • Public Financial Institutions
  • Colleges affiliated to universities; and
  • Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their Members

Do I have to pay any fee while opening the e-Insurance Account?

No. Policyholders can open an eIA free of cost. You don’t have to pay anything while opening your eIA.

There are two possibilities when it comes to this question.

If you already have an eIA account: In this case, you first have to fill the dematerialization request while addressing it to the insurer. You can find these request forms either at the branch offices of the insurer, or on the insurer’s website and the Insurance Repositories. If you have multiple policies from the same insurer, you can fill just one dematerialization request. These forms have to be duly attested/signed, and can be submitted either at the branch office of the insurance company, or at any Insurance Repository office.

If you do not have an eIA account: In this case, you can submit the eIA opening form along with the relevant documents, and the request for converting your paper policy into electronic form.