5 Best Uses Of E-Insurance Account

3 min readJan 12, 2023

Have you ever thought of if an individual has got term insurance and is not informed about the same to his/her legal heir or the family members. Around Rs 15,000 crores have been left unclaimed with the insurance companies in which either the insured has died or the legal heir has not claimed the insurance.

This problem can be resolved by e insurance account. e insurance account is a repository where an individual can keep all of their life insurance, health Insurance, and other insurance policies in a single place.

Nowadays, you can buy Insurance for almost everything because it is better to prepare for unforeseen adversities. It would be better to maintain all the policies on a single platform.

The best part is you can access it from anywhere, at any time, and any place. Opening an e-insurance account is free of cost. However, few of insurance companies, financial institutions, and other organizations can charge a nominal amount of Rs 300 per year.

Features

Only one e-insurance account can be opened by an individual in his or her name.
All the insurance policies, like, life insurance, health insurance, vehicle insurance, etc, can be maintained in electronic form in the same account.
KYC documents should be verified ones only.
A login ID and password are provided to access the e-insurance account.

5 benefits of e insurance account

1. Safe and secure

e insurance account is safe and secure from all types of threats and losses because of the unique login ID and password provided to every individual account holder.

2. One-time KYC

The KYC document needs to be submitted once and there is no need to do the process while buying the policy from other insurance companies.

3. Convenience

It is convenient for the users to have an electronic form of all the insurance policies in one place.

4. Easy to track policy

A user can easily track the policy because a yearly notification is sent to an individual containing a statement of all the insurance policies.

5. Easy premium payment system

The user can easily track the payment or premium due in the insurance policy as the detail of every policy is provided.

How to apply or open e insurance account

Opening an e-insurance account is a matter of small duration. You can open e-insurance accounts with various banks, Financial institutions, and companies

To open an account with PNB, visit the link

To open an account with Max Life Insurance, visit the link

To open an account with Policy Bazaar, visit the link

How to open e insurance account

Download the form from your preferred insurance repository.
Fill out the form and attach a copy of the KYC document.
Submit the form and self-attested KYC document to the insurance repository

KYC document required to open the account

For identity proof, you can provide an Aadhar card, PAN card, or voter identity card.

For address proof, you can provide an Aadhar card, driving license, or ration card.

For date of birth proof, you can provide a domicile certificate, PAN card, and ration card.

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Frequently asked questions

1. Is there any age restriction to open e-insurance account?

Anyone above 18 years can open it.

2. How many days it takes to get login details of the account?

A welcome kit is dispatched within 7 days of the date of acceptance of the account opening request.

3. Can I have a secondary holder of the account?

No, it is owned by a single individual.

4. I do not have any policy, can I still open it?

Yes, you can open it and add the policy details later on when you buy