After IRDAI approved Bima Sugam (An amazon-like platform), an e-insurance account is likely to become mandatory for all policyholders.
What is an E-Insurance Account?
An e-insurance account (eIA) will be an electronic account (on Bima Sugam) where a policyholder can manage all his life and non-life insurance policies. The policies that are stored in an e-insurance account are referred to as e-insurance policies.
Features of an E-Insurance Account
- A policyholder can only have one eIA in his/her name.
- The eIA will hold all the insurance policies including life, pension, general or health insurance policies.
- Insurance policies from multiple insurers will be held in a single e-insurance account.
- Every eIA is assigned a unique account number that can be used for all insurance policies from different insurers.
Benefits of E-Insurance Account to Policyholders
Increases Safety and Security
The eIA helps to hold all insurance policies in one place. Therefore, a policyholder is required to submit his KYC documents once. He does not need to submit them every time he buys a new policy.
Easy to access policies anytime, anywhere, and in just a few clicks. A policyholder can conveniently buy different insurance plans from a variety of insurers with a single e-insurance account.
Easy to make Premium Payments
With the help of an electronic insurance account, one can make premium payments online – no need to physically visit the insurance company to pay premium through cheque or cash.
Easy to Monitor All Insurance Policies
As the insurance repository sends a yearly statement of the policyholder’s eIA with the details of all his policies, the policyholder can effortlessly monitor his policies.
In case, you face a problem related to insurance like mis-selling, fraud, delay in claim, claim rejection, etc, you can approach Insurance Samadhan. We have resolved more than 14,500 insurance complaints.
Contact us to get samadhan for your insurance-related issues, we’ll be happy to help you.