Is an eIA card mandatory?

IRDAI has recently mandated the digitisation of all policies starting from this financial year i.e., April 1, 2024.

What documents are needed to open an e-insurance account?

A person will need to provid KYC documents such as proof of identity and address.

Can I convert my existing physical insurance policies to an e-insurance account?

Yes, you can convert your existing physical poliies to digital form by submitting a request through your eIA.

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E-Insurance Account - How to Open e-Insurance Account Online

Q: What is an e-insurance account?

An eIA is a digital platform to buy and manage insurance policies electronically.

Diya Vig

Author

Updated: 14-04-2025 at 11:13 AM

The Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory to hold new insurance policies in electronic format from April 1, 2024. Like shares and bonds held by investors in a demat account. So, what does this mean?

What Is An E–Insurance Account?

An e-insurance account, or electronic insurance account, is an electronic platform that allows anyone to own an e-insurance account. And one can do so in a completely digital format. This allows you to buy insurance policies digitally and remotely as well. You can manage all your insurance policies through an e-insurance account.

This is of great convenience to the user and holder of an e-insurance account. Policyholders can access and manage their policies anytime and anywhere using the secure online portals.

It reduces the hassle of the extra paperwork that usually accompanies insurance policies. The digitalization of insurance policies increases security and shields the owner from theft and loss.

Key Features Of An E-Insurance Account

There are several features of an e-insurance account that outline its goals. Some of the key features of having an e-insurance account are:

Digital storage: All insurance policies are stored in electronic form which eliminates the hassles of maintaining heavy and bulky physical documents.
Single account: Policyholders can store policies from multiple insurance providers in a single e-insurance account conveniently.
Accessibility: The digital e-insurance account enables people to easily manage their accounts and carry out several functions.
Confidential: The e-insurance accounts are very secure and keep the details of the policyholder confidential.

Benefits Of An E-Insurance Account

The e-insurance account carries many benefits. Some of the major benefits are listed below in detail:

Convenient: Policyholders can easily manage their accounts from a unified platform from the comfort of their homes.
Unique Account Number: Each e-insurance account holder receives a unique account number or e-insurance account number to access their insurance policies and for identification purposes.
Easy premium payments: Policyholders can easily pay their premium payments through the platform.
Paperless: The digitised e-insurance account eliminates the hassles associated with the traditional paper record-keeping method.

Eligibility For Opening An E-Insurance Account

Interested individuals first need to ensure whether they fit into the criteria or not for opening an e-insurance account. The eligibility criteria are as follows:

Individuals should be above the legal age of 18.
Individuals should have a valid identity and address proof.

How To Convert Old Insurance Policies To An E-Insurance Account?

Individuals can convert their old insurance policies to an e-insurance account by following the steps mentioned below:

Visit the official portal of the National Insurance Policy Repository.
Click on the ‘Convert Physical Policy to Digital’ option.
Fill in the ‘EIA Opening Form’.
Submit supporting documents.
Click on ‘Apply’ after filling in all the details.

How Can You Open An E-Insurance Account?

Interested and eligible individuals can open an e-insurance account by following some straightforward steps mentioned below:

Choose a certified insurance repository authorised by IRDAI.
Fill out the prescribed application form and provide the necessary KYC documents.
Upon verification, you will get a unique e-insurance account number, granting access to the digital platform.

Documents Needed

People need to submit some supporting documents to successfully open an e-insurance account. The list of documents is as follows:

Proof of identity, such as Aadhaar card, Voter ID
Proof of address
Bank details
Passport-sized photograph

Conclusion

E-insurance is a testament to the drive towards digital transformation in India. It allows easy and convenient management of insurance policies by the policyholders from the comfort of their homes.

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