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Why Insurance Policies Are Needed In Digital Format

In case of health insurance policy, the sum assured needs to be Rs 5 lakh or more apart from annual premium of Rs 10,000 and above. For general insurance policies, e-insurance is needed if anyone is paying an annual premium of Rs 5000 and above or has a sum insured of Rs 10 lakh or more.

The Insurance Regulatory and Development Authority of India (IRDAI) have made issuing insurance policy in electronic mode mandatory from October 1, 2016. It holds for new insurance policies based on certain criteria. The rule states that e-insurance needs to be issued to anyone paying an annual premium of Rs 10,000 and above or the sum insured is Rs 10 lakh or more.

In case of health insurance policy, the sum assured needs to be Rs 5 lakh or more apart from annual premium of Rs 10,000 and above. For general insurance policies, e-insurance is needed if anyone is paying an annual premium of Rs 5000 and above or has a sum insured of Rs 10 lakh or more. The rule is applicable irrespective of the policies bought online for offline. There are over 30 crore life policies and 10 crore non-life policies in force and currently about 6 lakhs e-Insurance accounts have been opened, as per CAMSRep.

“E-issuance of Insurance policies has been made mandatory. It is desirable to have e-IA account to buy online policy” says an MD & CEO, Universal Sompo General Insurance. “With the government pushing all service to digital, we believe the adoption of Electronic Issuance of Policies would also improve. People who have understood the benefits of policies issued through the IR system are not asking for physical copies of insurance documents anymore. The challenge remains in educating the large population about the benefits”, says a CEO, CAMS Insurance Repository.

E-Insurance Account (eIA):

An e-Insurance Account (eIA) which is a lot like demat account helps you to keep all your electronic insurance policies from any insurer in electronic mode. Opening an e-Insurance Account (eIA) keeps your electronic policies safe, convenient and easy to manage. From general to life insurance, for all type of insurance policies one e-Insurance account is needed which comes with separate account number, login Id and password for each account holder to access their account. For existing insurance policies, one can convert their policies into electronic mode by requesting for conversion along with applying for opening an e-insurance account. While buying a new insurance policy, it is best to open an eIA at the same time and go for an electronic policy.

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