A Guide To Navigating Insurance Repository Changes: Strategies For A Smooth Transition

An insurance repository (IR) is a company licensed by the Insurance Regulatory and Development Authority (IRDA) to maintain data of insurance policies in electronic form on behalf of insurers. The objective of creating an IR is to provide policyholders with a facility to keep insurance policies in electronic form and to undertake changes, modifications, and revisions in the insurance policy with speed and accuracy. Policyholders can open an e-insurance account (e-IA) with an IR to convert their new and existing policies into electronic form. The IR will hold electronic records of insurance policies issued to policyholders, who can merge all policies like health, motor, and life insurance into a single e-IA account. Policyholders can modify or update their information, such as a change of address or nomination, through their e-IA account. An individual can have only one e-IA account with any one of the IRs.

How to open an e-insurance account

An e-insurance account or eIA is an online repository where you can manage all your insurance policies, including life, health, pension, and general insurance, even from multiple insurers, in a single account. It is aimed at helping eIA holders keep track of insurance policies across multiple insurers in one place.

Choose the repository: Select the insurance repository or contact your insurer that has partnered with a repository. The Insurance Regulatory and Development Authority of India (IRDAI) has granted the Certificate of Registration to the following four entities to act as 'Insurance Repositories':

• NSDL Database Management Limited
• Central Insurance Repository Limited
• Karvy Insurance Repository Limited
• CAMS Repository Services Limited

• Download the account opening form: You can download the eIA opening form from the website of your chosen insurance repository or the insurer.
• Fill out the form: Fill the form and attach self-attested copies of the necessary documents, including KYC documents. The required documents may vary depending on the repository but generally include proof of identity, address, and date of birth.
• Submit the form: Submit the completed form along with the necessary documents to the 'Approved Person', website, or branch of your chosen insurer. You can also submit the form along with the supporting documents to the branch of the insurance company for which you hold an insurance policy.
• Verification: The 'Approved Person' or insurer will verify the e-insurance form and process the application.
• Receive your login credentials: Once your application has been processed and your account created, the repository will send you an ID and password via text and email.
• Access your account: You can now log in to the repository website using your login credentials and access your policy details.

Additional Information:

• There are no charges for opening an e-insurance account or for converting existing policies into electronic form.
• Individuals are allowed to have only one e-insurance account, and accounts cannot be opened in joint names.
• You can link your existing policies to your e-insurance account by submitting the required form to the repository.

The benefits of holding insurance policies in electronic form

Holding insurance policies in electronic form offers several benefits to policyholders. Here are some of the advantages:

Safety

The electronic form of insurance policies eliminates the risk of loss or damage, ensuring that the policies are safely stored and can be easily accessed whenever needed. With electronic policies, there is no need to worry about misplacing physical documents, as they are securely stored in a digital format.

Convenience

All insurance policies, including life, pension, health, and general insurance, can be held under a single e-Insurance Account (eIA). This means that policyholders can access all their policy details in one place by logging into the online portal of the Insurance Repository. There is no need to maintain multiple physical documents or visit different insurer websites.

Single Point of Service

The eIA provides a single point of service for all insurance-related requests. For example, if a policyholder needs to update their contact details, they can submit a single request through the eIA, which will be updated across all their insurance policies. This eliminates the hassle of contacting multiple insurers individually.

Reduced Paperwork

With an eIA, policyholders do not need to undergo KYC verification each time they purchase a new insurance policy. A simple mention of the e-insurance account number is sufficient for buying a new policy. Additionally, any changes in personal details, such as address or contact number, can be updated by submitting a single request to the Insurance Repository, which will then inform all the relevant insurance companies.

Easy Claims and Renewal

The electronic form of insurance policies simplifies the claims process by eliminating the physical processes associated with applying for claims. The eIA also facilitates easy renewal of policies by allowing policyholders to pay their insurance premiums digitally, without the need for physical cheques or cash payments to agents.

Eco-Friendliness

By eliminating the need for physical documentation, the electronic form of insurance policies is environmentally friendly. It reduces paper consumption and contributes to a more sustainable future.

Cost Efficiency

Purchasing insurance policies online can be more cost-efficient than traditional methods. By eliminating the involvement of insurance agents, policyholders avoid paying commission charges, resulting in lower premiums. Additionally, insurance companies typically bear the costs associated with converting paper-based policies into electronic format, so policyholders do not incur any extra charges for e-insurance policies.

How to buy a new policy in electronic form

To buy a new insurance policy in electronic form, you must first open an electronic insurance account (eIA). This can be done by approaching your insurer, who can facilitate the process through insurance repositories licensed by the insurance regulator. You can also get in touch with repositories directly, such as CAMS, Karvy, SHCIL Projects, NSDL Database Management, and Central Insurance Repository of India. When getting in touch with repositories directly, you will need to provide photocopies of identity and address proofs and a PAN card.

Once you have opened an eIA, you can request to buy a new policy in electronic form. You will need to quote your unique eIA number in your new insurance proposal form and make a request to issue the policy in electronic form. You may also insist on buying a digital version of the policy directly.

After buying a new policy in electronic form, you can hold all your policies in a single account, making it easy to track. You can make premium payments and submit other service requests by accessing this account online. This saves you the trouble of going through KYC procedures every time you wish to buy a policy.

How to make changes to your insurance policy

The Insurance Regulatory and Development Authority (IRDA) launched the insurance repository system in 2013 to provide better services to policyholders and enhance insurance penetration. An insurance repository allows policyholders to hold their insurance policies in electronic form, providing ease of access and reducing the risk of loss or damage. Policyholders can also make changes to their insurance policies through their chosen repository. Here is a step-by-step guide on how to make changes to your insurance policy:

Step 1: Choose an Insurance Repository

The IRDA has licensed five entities to act as insurance repositories: NSDL Database Management Ltd, Central Insurance Repository Ltd, SHCIL Projects Ltd, Karvy Insurance Repository Ltd, and CAMS Repository Services Ltd. As a policyholder, you can choose any one of these repositories to open an e-Insurance Account (e-IA).

Step 2: Open an e-Insurance Account

To open an e-Insurance Account, you will need to submit an application form along with supporting documents such as a photo ID, passport-size photograph, cancelled cheque, and KYC documents. The account is usually opened within seven days of submitting the complete application. Once your account is opened, you will receive a welcome kit with your login credentials and instructions on how to operate your account.

Step 3: Submit a Request for Change

If you need to make changes to your policy, such as updating your address or nomination, you can submit a request through your e-Insurance Account. Log in to your account using your unique Login ID and Password. Navigate to the relevant section or page for making changes and submit your request. You can also contact the insurance repository directly to guide you through the process.

Step 4: Verification and Processing

After submitting your request, the insurance repository will verify the information and process the changes. If the change is related to your account details, such as address or contact information, the repository will execute the change after verification and then intimate the insurance company. If the change is related to your policy details, such as nomination, sum assured, or account details, the repository will forward your request to the insurance company for processing.

Step 5: Confirmation

Once your request has been processed, you will receive a confirmation or update from the insurance repository regarding the status of your request. It is important to keep a record of this confirmation for your future reference.

By following these steps, you can efficiently make changes to your insurance policy through your chosen insurance repository. This process simplifies the task of updating your insurance information and ensures that your policy remains accurate and up-to-date.

How to convert existing policies to the demat form

To convert existing policies to the demat form, you will need to open an e-insurance account (eIA) with an insurance repository. This is a free and simple process.

First, you will need to fill out an account opening form and submit it to one of the four or five insurance repositories approved by the Insurance Regulatory and Development Authority of India (IRDAI). The repositories are:

• CAMS Insurance Repository Services Ltd.
• Central Depository Services (CDSL)
• National Securities Depository Limited (NSDL)
• Karvy Insurance Repository Ltd.
• NSDL Database Management Limited
• Central Insurance Repository of India
• SHCIL Projects

You will need to provide personal details, bank details, and contact details. You will also need to provide a recent passport-sized photograph and the contact information of an authorised representative. This person is appointed by the account holder and can access the account in the event of the holder's death or incapability. You will also need to submit KYC documents, including copies of proof of identity, date of birth, and address.

Once your documents have been submitted and verified, you will be able to open an e-insurance account. You can then fill out a conversion form, which will include the name of the policyholder, the policy number, the e-insurance account number, and the insurance company name. You may also need to attach the policy document, depending on the insurance company's requirements. After receiving your request, the insurance company will credit the policy to your e-insurance account.

Please note that once the policy has been converted into an e-policy, the physical insurance policy certificate will no longer be valid.

Frequently asked questions