- By Aditya Pratap Singh
- Fri, 29 Mar 2024 11:02 AM (IST)
- Source:JND
E-insurance Account: In order to make insurance policies more secure, the Insurance Regulatory and Development Authority of India (IRDA) decided that all types of insurance policies would be issued in electronic format from April 01, 2024. An e-insurance account (EIA) will be made available, in which all the insurance policies can be kept in digital format. This will help customers to be freed from keeping the insurance policy as a paper documents.
IRDAI has recently introduced “Protection of Policyholders Interest” Regulation-2024. The new regulation allows the conversion of all insurance policies into electronic format. Under this, it is now mandatory for all policies to be issued in electronic form, irrespective of the mode of application. Most life insurance companies and non-life insurers have accepted the electronic insurance account system.
E-insurance account will be needed
Under the new initiative, the customer will have an e-insurance account, which is encrypted i.e. only the insured will be able to use it and any third party will not have accsess to it. The customer will have to link all their insurance policies to e-account. Doing so, policyholders will be able to easily track their policy details and renewal date. In addition, it will also protect from any kind of online fraud.
How the e-policy will help?
The new system will not only provides convenience but also significantly enhances the security and management of policyholder portfolios. This will also erase the concern of paper documents getting lost or torn.
Top benefits
- Policyholders Will be able to view and download all insurance policies at one place
- Digital format of paper documents will reduce the risk of loss
- Will be able to update all insurance policies simultaneously in e-insurance account
- Will be able to easily track policy details and renewal dates
