How to open the e-insurance account with CAMS, NSDL, Karvy and CIRL: Benefits and downsides - chaprama | Insights from the world of Technology and Lifestyle


Wednesday, March 29, 2017

How to open the e-insurance account with CAMS, NSDL, Karvy and CIRL: Benefits and downsides

The digital ecosystem is expanding its wings to cover a range of industries India. With more and more population getting accessed to the internet over a period of time, companies are altering the way they do business with people. The latest entrant to the digital space are the insurance companies which are catering people since many decades.

The insurance e-commerce regulations evoke that the insurance companies must from now on open an e-insurance account and load the policy details of the insurance policyholder.

How to open the e-insurance account with CAMS, NSDL, Karvy and CIRL: Benefits and downsides

Benefits of having an e-insurance account:

- The major benefit of having an e-insurance account is that the policyholder can keep all the insurance policy at one place - be it a life insurance, a car, bike or any kind of insurance.
- The policyholder can track all the policies he availed online hassle-free in few easy steps.
- A policyholder if wishes to make any changes in the insurance - like if he wishes to change the address, he can do it in the e-insurance account itself instead of submitting a separate application with all the insurance companies.
- In the case of any risk to the policyholder, the nominee can find the required details of the claim and proceed to get the requisite claim.
- There is no possibility of losing the policy details as it is completely digital.

Where to open an e-insurance account:

Currently, the e-insurance account can be opened with four repositories: 
- NSDL Database Management Ltd 
- Central Insurance Repository Ltd 
- Karvy Insurance Repository Ltd 
- CAMS Repository Services Ltd

You need not reach out any of the service providers listed above to open an account. Even when you buy an insurance with the insurance provider, you can choose any of the four repositories. Rules say that the insurance provider must open an account within 15 days of selling the insurance online.

How to open an e-insurance account:

To open an e-insurance account you need four things:

- Aadhaar number
- PAN Number
- Email Id
- Mobile Number

Upside, you need not submit a separate KYC to open an account. To buy an insurance, you will anyhow submit a KYC filled with the above details. The insurance provider will submit the KYC to the repository you have chosen and the repository will take at least 3 working days to open the account.

In case, you have any policies you have purchased before, they will demat in the e-insurance account once you give those policy details and will be ready to keep them on track. 

The downside, to demat your insurance policies in the e-account, the insurance provider needs to tie up with the repository to do so. Currently, Life Insurance Corporation has not tied up with any of the repositories. Many of the tie-ups are happening in the Non-life insurance space. So, you will not able to demat your policies unless your insurance provider and repository come together.

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