eIA stands for e-Insurance Account or “Electronic Insurance Account” which will safeguard the insurance policy documents of policyholders in electronic format. This e-Insurance account will facilitate the policyholder by providing access to the insurance portfolio at a click of a button through internet. IRDA has granted the Certificate of Registration to SHCIL Projects Ltd. to act as ‘Insurance repository’ and authorized to open e-Insurance Accounts.
Each e-Insurance Account will have a unique Account number and each account holder will be granted a unique Login ID and Password to access the electronic policies online.
Benefits of holding Insurance Policies in electronic form?
The following are the broad benefits of holding Insurance Policies in electronic form:
Safety: There is no risk of loss or damage of a policy as is common with paper policies; the electronic form ensures that the policies are in safe custody and can be easily accessed whenever and wherever needed. A copy of the policy can be downloaded at any time by accessing the e-Insurance account.
Convenience: All insurance policies, be it life, pension, health or general, can be electronically held under a single e-Insurance account. This means all details of all policies are available in a single account (place). The details of any of the policies can be accessed at any time by logging on to the online portal of Insurance Repository.
Single Point of Service: Service requests in respect of e-Insurance account or any of the electronic policy can be submitted at any of Insurance Repository’s service points. A single request can sometimes cater to the requirements of several Insurers. As an illustration, a single change of address request made to the Insurance Repository can update the policies issued by multiple Insurers. There would be no need to go to several offices of individual Insurers for service.
Less Paper work and savings in time: An e-Insurance account holder is freed from the trouble of submitting KYC details each time a new policy is taken. Further, any changes in personal details like address or contact number can be effected through a single request thus saving on paper and time.
Statement of Account: At least once every year, the Insurance repository would send a statement of account to the e–Insurance account holder with the details of the policies of the account holder.
Payment Options: Premium for all the policies can be paid online and several service requests can be logged from the e-Insurance account.
Increased number of service touch points: Since, the Insurance repositories function in addition to the Insurers, the policyholders will have increased number of touch points for having their servicing needs attended.
Easy payout transfers: Policy benefits would be paid through electronic facility to the registered bank account, thus ensuring speedier and convenient settlement.
Single view: Single view of all policies will be made available to an authorized person in case of death of the e-Insurance account holder.
e-Insurance account is offered ‘free of cost’ to the applicants/ Policy Holder. An e-Insurance account will be opened within 7 days from the date of submission of application complete in all respects. Once, an account is opened, a welcome kit with the details of how to operate the same would be sent to the applicant/e-Insurance account holder.
An e-Insurance account holder or policyholder is required to
a. Fill the e-Insurance account form and
b. Submit
Photo ID,
Recent passport size photograph,
Cancelled Cheque ( In case of ECS/NEFT services for insurance premium payment transaction) and
Address proof
to the office of Insurance Repository or Insurance company or authorized Approved Person (AP) appointed by Insurance Repository.
The objective of creating an insurance repository is to provide policyholders a facility to keep insurance policies in electronic form and to undertake changes, modifications and revisions in the insurance policy with speed and accuracy in order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.
SHCIL Projects Ltd. (SPL)
SPL is 100% subsidiary of Stock Holding Corporation of India Ltd. (SHCIL) established in 2006. SPL provides
I. End to End Document Management Solutions
II. Information Technology enabled Services (ITeS)
SHCIL Projects Ltd. (SHCIL IR) has been granted certificate of registration to act as Insurance Repository by IRDA vide circular No. IRDA/ADMN/GDL/GLD/080/04/2011 dated 29th April 2011.Which would benefit the Policy Holder and Insurance Company at large. SHCIL IR has successfully implemented the Repository activities under the Regulator’s Guidance. The same is already launched. With proven track record, SPL is committed to offer best of the Insurance Repository Services to match the industry.
VISIT https://www.shcilir.com/homeindex.aspx FOR MORE DETAILS
