1. What is Insurance Repository?
“Insurance Repository” means a company
formed and registered under the Companies Act, 1956 (1 of 1956) and which has
been granted a certificate of registration by Insurance Regulatory and
Development Authority (IRDA) for maintaining data of insurance policies in Electronic
form on behalf of insurers. The Insurance Repositories provide the ease of
holding
Insurance
policies issued in an electronic form.
2. What is the objective of an 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 addition, the repository acts as a
single stop for several policy service requirements. The Insurance repository
system also brings about efficiency and transparency in the issuance and
maintenance of insurance policies.
3. Can any individual/firm act as an
Insurance Repository?
No, Only an entity which is registered
under Company’s Act and who is granted a ‘Certificate of Registration’ by
Insurance Regulatory and Development Authority (IRDA) can act as an Insurance
Repository.
4. Can Insurance repository sell/solicit
Insurance policy?
No, Insurance repositories cannot
sell/solicit insurance policies. They are authorized only to maintain the policies in electronic form and
provide a service record of all insurance policies.
5. What is an eIA (e-Insurance account)?
e-IA 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
the following five entities to act as ‘Insurance repositories’ that are
authorized to open e-Insurance Accounts.
M/s NSDL Database Management Limited
M/s Central Insurance Repository
Limited
M/s SHCIL Projects Limited
M/s Karvy Insurance Repository Limited
M/s CAMS Repository Services Limited
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.
6. Do I need to pay for opening of
e-Insurance Account or on periodic basis?
No, e-Insurance account is offered
‘free of cost’ to the applicants.
7. Can any individual open more than one
e-insurance account with any Insurance Repository?
No, as per the IRDA guidelines, an
individual cannot open multiple e-Insurance accounts.
8. Who is an Approved Person (AP)?
An Approved Person is a Point of Sale
(PoS) appointed by Insurance Repository and will be
working
on behalf of Insurance Repository to extend the IR services.
9. What is an e-Insurance account
application form? Where can it be obtained from?
An e-Insurance account application
form is one that is used by an individual to open an e-insurance account with
the Insurance Repository. This form would be available with Insurance Company,
Insurance Repository or an Approved Person.
10. What are the requirements to be
completed for opening an e-Insurance account?
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)
· Address proof to the office of Insurance Repository
or Insurance company or authorized Approved Person (AP) appointed by Insurance
Repository.
11.
List of valid KYC documents:
Identity Proof (Any One)
· PAN card
· UID
Address Proof (Any One)
· Ration Card
· Passport
· Aadhar letter
· Voter ID card
· Driving license
· Bank Passbook (not more than 6 months
old)
· Verified copies of
· Electricity bills (not more than 6 months
old),
· Residence Telephone
bills (not more than 6 months old)
· Registered Lease and
License agreement / Agreement for sale.
· Self-declaration by High Court and
Supreme Court judges, giving the new address in respect of their own accounts.
· Identity card/document with address,
issued by
· Central/State Government and its
Departments,
· Statutory/Regulatory Authorities,
· Public Sector Undertakings,
· Scheduled Commercial Banks,
· Public Financial Institutions,
· Colleges affiliated to universities;
and
· Professional Bodies such as ICAI,
ICWAI, Bar Council etc. to their Members
12. Can I open an e-Insurance account
without having a life or non life policy for my own self?
Yes, an individual who is not having
any insurance policy can open an e-Insurance account. After buying a policy,
the policyholder can give a request for dematerialization to the Insurer or Insurance
Repository or Approved Person.
13. How many days does it take to open an
e-Insurance account after all the necessary Formalities are completed?
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.
14. How will I come to know that my
e-Insurance account has been opened & how will I receive my User ID &
Password?
Once e-Insurance account is created,
you will receive a welcome kit. A pin mailer shall be sent separately. Using
the login credentials and PIN, you can access and start using your e- Insurance
account.
15. Can I convert my existing paper
polices into electronic policies?
Yes, it is possible to convert the
existing paper policies into electronic form. A service request may be made to
the Insurance Repository or Insurer or the Approved person in this regard.
16. If I already have an e-Insurance
account, how do I buy a new policy in electronic form?
Once you have opened an e Insurance
Account, to buy a new policy in electronic form, you just need to quote your
unique e-Insurance account number in your new insurance proposal form and make
a request to issue policy in an electronic form.
17. Which are the insurance policies that
can be held in electronic form?
All Life insurance, Health insurance,
General insurance & Annuity policies that are issued by registered
insurance companies with IRDA and who have signed up with the Insurance Repositories
are eligible to be held in the electronic form.
18. How can I come to know that my policy
is successfully credited into my e-Insurance Account?
You will receive a mail and SMS on
your registered e-mail id and mobile number.
19. What are the charges for maintaining
policies in electronic form?
All the services provided by Insurance
repositories are FREE of charge.
20. What are the 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.
21. What all policy details will be
available in the e-insurance account?
A list of all policies that are
credited will be available in the e-Insurance account. For each policy, policy
level details like the status, commencement, maturity/expiry, nomination,
assignment, endorsement, address, terms and conditions etc., would be
available. In addition, the e-Insurance account holder will be able to download
a copy of the policy bond.
22. What is the procedure to effect
changes in my policy or e-Insurance Account?
Should the request be made to the
Insurance Company or IR?
All requests in respect of either your
e-Insurance account or any of the electronic policies may be made to the
Insurance Repository. However, requests in respect of the policies can also be made
directly with the Insurer concerned. Upon a request, the Insurance repository
would handle all servicing needs that fall within scope of their services directly and would forward
the others to the Insurer concerned. An update to the policyholder would be
provided by the Insurance Repository on the status of the request in respect of
all the requests that it receives.
23.
Who is an Authorized Representative and what is his/her role?
An Authorized Representative is a
person who is appointed by e-Insurance account holder to operate his/her
e-Insurance account in case of unfortunate demise or incapability of e- Insurance
account holder to operate the account. The Authorized Representative will
intimate the Insurance Repository about the demise/incapability of policyholder
with valid proof. An Authorized Representative has only access rights to the
e-Insurance account in the event of demise of the policy holder. The Authorized
Representative would only act as a facilitator and is not entitled to receive
any policy benefits unless designated as a ‘nominee’ or ‘assignee’ by the
deceased policy holder.
24 Can an Authorized Representative be
changed?
Yes, Authorized Representative can be
changed by making a request to the Insurance Repository.
25.
Can ‘Nominee’ and ‘Authorized Representative’ be the same person?
Yes, both Nominee and Authorized
Representative can be the same person.
26.
What is the grievances redressal mechanism at Insurance Repository?
Every Insurance repository will have a
policyholders’ grievances cell to address the grievances in respect of
repository services and electronic policies held by them.
27.
What communications shall the e-Insurance account holder receive in a hard
copy?
· Welcome Kit with details of
e-Insurance Account and modus operandi of its operation, the login ID.
· A Pin mailer with the password.
· The statement of account giving the
details of all policies held whenever additional insurance is taken or a policy
matures/ surrendered/ lapses would be provided to the e-insurance account
holder.
· When a new policy is issued the
insurer shall send an insurance information sheet containing the basic details
of insurance policy to the address stated.
28.
Is it possible to shift from one Insurance repository to the other?
Yes, the e-Insurance account holder
will have an option to shift from one Insurance Repository to the other. All
the policy details and transaction history would then be transferred to the new
Insurance repository.
29.
Is it possible to opt out of the Insurance repository system?
Yes, the policyholder shall make a
request to his insurer and upon completion of all formalities in respect of the
same, the hard copy of the policy document shall be made available.
30.
How will the Authorized person deal with the e-Insurance account?
After the demise of the e-Insurance
account holder and after settlement of all insurance claims, the Authorized
representative needs to make a request to the Insurance Repository to close the
e-Insurance account.
(PIB Features.)
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