- By Aditya Pratap Singh
- Sat, 13 Apr 2024 12:29 PM (IST)
- Source:JND
E-Policy: IRDAI had already said that all insurance companies will have to issue an e-policy, which is a digital documentation of policy. The new regulation was implemented on April 01 and currently, it is only applicable to newly issued policies. This implies that if you purchase an insurance policy, then the insurance company will issue an e-policy to you. If you want a hard copy of the policy, then you will have to ask for it.
E-policies are similar to stocks
E-policies are similar to how companies issue shares in electronic format which are saved in a demat account. Now, policyholders will have to open an e-Insurance Account (eIA) to maintain their e-policy. IRDAI is constantly trying to improve facilities for policyholders. There are numerous advantages to having a digital policy, including you can access this policy from anywhere, and there is no chance of losing it. Also, having the policy in a digital format will make it easier for the insurance company to communicate with the policyholders, and claims will be more easily settled.
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Issuing a new policy only in electronic form is compulsory
According to IRDAI's new rules, it is not compulsory to convert several previously issued policies into electronic form. However, if an insured wants to convert it for more convenience, he may do so. The process is as follows.
eIA must be opened for e-policy
The insured must fill out a conversion form, which contains the insured's name, policy number, e-insurance account number, and the insurance company's name. This form must be submitted to the insurance company's branch alongside the eIA opening form. After the policy is converted, the policyholder will get a confirmation through SMS or email. It's vital to keep in mind that there will be no charge for opening eIA and converting the policy into an e-form.
The insured must download the eIA form from his or her preferred repository. After filling it out, KYC documents must be submitted. A passport-sized photo must be included. PAN, proof of date of birth, proof of identity, and proof of address must be provided.
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