Convert your Existing Insurance Policies into E-Insurance Policies

The present time promotes digitization and discourages paper work. You can ensure permanent safety of your insurance documents by converting them into E-Insurance Policies. Here are the methods:

Open an E-Insurance Account:

It is cumbersome to maintain and carry all your insurance policy papers along with you all the time. Not only it makes you carry extra papers but you constantly worry about their safety as they may get lost. To avoid this, you can open an E-Insurance account of your where you can convert all your existing policies into an e-policy.

You can open your account with any of the four insurance repositories that are approved by the IRDAI. You need to submit your bank details, personal details, contact details, generally an identity and your latest passport size photograph.

Authorized Representative:

An authorized representative must also be mentioned in your open account form in case of the person’s demise or if he/she can’t access it. The representative will be able to access the account of the holder in two of the above cases. The representative can be different from the nominee.

KYC Documents:

A list of KYC documents are mentioned in the form which the account holder should attest for verification and protection of the holder’s account. This can be proof of birth, address proof and identity proof.

Submission:

After you fill all the details on the form and attest the documents required, you can verify the document and submit it. The account will soon be opened after proper verification. You can then convert all your existing policy documents into your e-insurance account.

Conversion Form:

A conversion form needs to be filled for converting your existing policy into an e-insurance account. You need to provide the details of your insurance, policy number, name of the holder, e-insurance account number and insurance company’s name. Attestation of detailed documents with the conversion form depends on insurance company. The insurance company will credit the policy into your e-insurance account on the receipt of the policy conversion request.

Key Points to Note:

• There is no charge that is availed on either opening of e-insurance account or converting the policy into an e-policy.
• After the conversion of existing policy into an e-policy, the existing documents on papers become void.
• The Authorized representative has only the right to inquire about the portfolio of the insurance policy.

The E-insurance policy will definitely help people with many insurance policies to walk free without burden and tension from the policy papers. It can be expected that this will work for the welfare of policy holders.