📢 Attention NRIs: Simplify Your Insurance Management with e-Insurance Accounts
What is e-Insurance Accounts and how it benefits NRIs.
📢 Attention NRIs: Simplify Your Insurance Management with e-Insurance Accounts
If you know someone who moved to the USA and could use some guidance, please share this with them.
Effective April 1, 2024, the Insurance Regulatory and Development Authority of India (IRDAI) has mandated all new insurance policies to be issued in electronic form. This means that, similar to demat accounts for shares, insurance policies can now be accessed digitally. Here's how you, as an NRI, can benefit from this and manage existing policies for yourself, your parents, and your friends and family:
Understanding e-Insurance Accounts (eIA)
An e-Insurance Account (eIA) is a digital platform where policyholders can store and access their insurance policies issued in electronic form. These digitally signed policy documents provide a convenient way to manage insurance contracts.
Benefits for Policyholders
Transitioning to e-insurance streamlines the process by eliminating paperwork and providing a centralized platform for managing policies. It also
reduces the risk of document loss and simplifies updates to contact and address details. Additionally, it facilitates smoother claims settlement and enhances overall user experience.
Converting Existing Policies to e-Insurance
Converting existing physical policies to e-insurance is free of cost and involves a straightforward process:
Open an eIA: Download and fill the eIA form from any of the approved insurance repositories.
Submit KYC documents: Along with the filled form, submit Know Your Customer (KYC) documents for verification, including a recent passport-size photograph, PAN card, proof of date of birth, identity proof, and address proof.
Fill Conversion Form: Once the e-Insurance Account is created, fill out a separate Policy Conversion Form for each insurance company.
Submit The Form: Submit the completed conversion form to the nearest approved person or insurance branch office.
Upon successful completion, policyholders will receive confirmation via SMS and email. Remember, the physical policy certificate becomes invalid once the conversion is completed.
Make insurance management hassle-free by embracing e-insurance accounts.
If you know someone who moved to the USA and could use some guidance, please share this with them.
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