It is a facility that allows you to hold insurance plans in the electronic form. As is the case with shares and bonds, which can be held in an electronic account with a depository, you can keep your insurance policies in an e-insurance account with an insurance repository.
The objective of creating an insurance repository is to provide policyholders a facility to keep Insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.
There are 4 basic advantages:
No, Insurance Repository cannot sell Insurance policy. They just maintain record of all insurance policies which the Policyholder has purchased from any insurance company.
Yes, but at the option of the customer.
e-IA can be opened by any applicant holding a valid PAN Card OR Aadhaar Card.
A policyholder can open an e-insurance account with any of the four repositories approved by IRDA. These include the NSDL Database Management, Central Insurance Repository, CAMS Repository Services and Karvy Insurance Repository.
Even if you have policies from multiple insurance companies, they can be stored in the same account.
In order to hold e- insurance policies a separate and distinct e‐insurance account shall be opened with insurance repositories for keeping insurance policies in electronic form and the same shall be opened by a person who has insurance policies on his own or who proposes to take insurance policies.
The documents that would be required are an Application form & KYC norms (ID Proof, Address Proof).
No. Only one eIA can be opened across the various Insurance Repositories.
The policyholder do not have to pay any charges to open an e-insurance account or hold the policies in the demat form. You don't need to pay anything for converting the existing policies into electronic form.
If you have an e-insurance account, buying a new policy in the electronic form becomes easier. Just quote your account number in the application and opt for a policy in the electronic form. Since the KYC documents would already have been submitted and verified, the insurance firm won't have to repeat the process. The policy will reflect in your account after it is issued.
The insurance repository is the single point of service for all your requirements, so you will need to submit your request to it. If the change is at the account level (address or contact details), the repository will execute it after due verification and then intimate the insurance company. If the change is at the policy level (nomination, sum assured or account details), the repository will forward the request to the insurance company.
A policy holder who opens an e IA shall appoint an Authorized Representative (AR) who is entitled only to access the e IA so as to know the portfolio of insurance policies and the nominees of the respective policies held under that account.
Post Demise of Insured or after insured incapacity to operate eIA.
No. insured will not face any difficulty during claim process in any form due to empanelling with eIA.
As your trusted life insurance partner, PNB MetLife is with you amidst the current COVID-19 outbreak. Our policies also cover COVID-19 Claims. In case of a Death Claim, kindly submit the signed Claim Intimation Letter mentioning the policy number, brief of the insured event and other claim documents on the email mentioned herewith. Please write-in to us at firstname.lastname@example.org or email@example.com. You can also call us on 1800-425-6969 for death claims intimations and for any queries on Monday - Saturday between 10:00 am - 7:00 pm.
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