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 under these Guidelines by Insurance Regulatory and Development Authority for maintaining data of insurance policies in Electronic form on behalf of insurers including the history of transactions during the term of Policy.

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 order to bring about efficiency, transparency and cost reduction in the issuance and maintenance of insurance policies.

What is an eIA account?

eIA stands for e-Insurance Account i.e. “Electronic Insurance Account” which will safeguard the insurance policy documents of policyholders in electronic format. This eIA account will facilitate the policyholder to access his all insurance portfolio at a click of a button through internet. IRDA has granted the Certificate of Registration number 3 to SHCIL Projects Ltd, which is a 100% subsidiary of Stock Holding Corporation of India Ltd. (SHCIL) to provide the Insurance Repository services.

Why should policy holder open an eIA (e-insurance Account)?

Any existing policyholder or a prospective policyholder can open an e-insurance account. eIA will be absolutely free of cost to all policy holders opting for electronic issuance of policies. Policy holder would not be required to go through KYC procedure every time when he/she buys a new policy. SHCIL IR will provide an e-insurance Account to every policyholder and all his policies will come under single eIA. It will hold all type of policies including life, health, motor and group covers, dematerialized policies will be more liquid than paper policies as these contracts can be easily assigned. Having an e-insurance account will reduce hassles for buyers. Policyholder can avail the benefits of the services like financial or non financial alteration/endorsements under the single e- insurance account.

Do I need to pay for opening of e-Insurance Account?

Absolutely no, opening of e-Insurance Account is free of cost to every policyholder

Can any individual or policyholder open more than one e-insurance account with any Insurance Repository?

No. every individual or policyholder may be proposed and existing can have only one eIA account across all Insurance Repositories. He cannot open more than one eIA account with different Insurance Repository as per the IRDA guidelines.

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.

What is an eIA application form?

An eIA application form is the application made by policyholder to open an e-insurance account with the Insurance Repository. This form would be available with Insurance Company, Insurance Repository branch or an Approved Person. This form is also available online a policyholder can get it printed, fill it and submit to any one of the above with valid KYC documents as per the list mentioned in this FAQ.

What is the basic requirement to be completed for opening an eIA account?

An eIA holder or policyholder is required to fill the eIA form and submit it along with photo ID and address proof to any nearest office of Insurance Repository branch or to the insurance company where the policyholder has his insurance policies or at SHCIL IR’s authorized Approved Person (AP) appointed by Insurance Repository.

Can I open an eIA account without having the life or non life policy in my name?

Yes, an individual who is not having any policy in the existence can also open an eIA account and take the policy in his name later. After taking the policy the policy holder is required to give the request for dematerialization of policy to his insurer or Insurance Repository where he has opened his eIA account or to the SHCIL IR’s Approved Person.

How many days it takes to open an eIA account after all the necessary formalities are completed?

Your eIA account will be opened within 07 working days and you will receive a welcome kit containing your user name and password for your account to login to the e-insurance account.

What are the valid documents to be submitted for creation of eIA? Recent passport size photograph Cancelled Cheque ( In case of ECS/NEFT services for insurance premium payment transaction) List of KYC documents:

Identity Proof (Any One)

PAN card UID

Address Proof (Any One)

Regd. Lease and License Agreement/ Agreement for sale Aadhar Letter Ration Card Driving License Passport Voter ID Card Bank Passbook (not more than 6 months old) Electricity Bill (not more than 6 months old) Residence telephone Bill (not more than 6 months old) 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 Identity card/document with address, Statutory/Regulatory Authorities Identity card/document with address, Public Sector Undertakings Identity card/document with address, Scheduled Commercial Banks Identity card/document with address, Public Financial Institutions Identity card/document with address, Colleges affiliated to universities Identity card/document with address, Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their Members

Date of Birth Proof (Any One)

PAN Card Domicile Certificate Ration Card Driving License Passport Voter ID Card Municipal birth Certificate Notarized Birth Certificate Baptism Certificate Marriage Certificate issued by Church Identity card/document with address, issued by Central/State Government and its Departments Gram Panchayat certificate Identity card/document with address, Public Sector Undertakings Defense ID including Ex-serviceman card issued to Defense personnel/ certificate of DOB issued by commanding officer with his seal & signature on the same Identity card/document with address, Colleges affiliated to universities Central Govt. Health scheme certificate for their employees/ family members/ dependants Govt. service registers extract/certificates issued by Govt. to its employees Employer's PF statement ESIS Card ( Employees State Insurance Scheme ) Employer's certificate from Govt., Semi Govt., MNC, Public Ltd, Reputed Private Ltd. Organizations only. The certificate must be on the letterhead, duly signed & stamped by the authorized signatory Certified School/ College Extract including School/ College leaving certificate/ Degree certificates / mark sheet or hall ticket or admit card issued by Educational Board (10 & 12th std) reflecting DOB of eIA applicant Policy Document of other private insurers LIC Policy Islander cards for Residents of Andaman & Nicobar Island Pilgrim pass issued for Haj Pilgrimage

Who is an Authorized Representative?

An Authorized Representative is a person as appointed by eIA holder or policyholder at the time of eIA opening, who will be operating his/her eIA account in case of unfortunate demise or incapability of policyholder or eIA holder to operate his account. A policyholder or eIA holder can delegate his right to access the e-insurance account to Authorized Representative who will intimate the Insurance Repository about the demise of policyholder with valid proof of death and gives a request to cease his account after settlement of claim if any.

What details I can find in my e-insurance account?

An eIA holder or policyholder can have his valid policy bond in a dematerialized format in his eIA account. He/she can view online all the policy related details under single eIA account.

What are the overall benefits of Insurance Repository to a policyholder and insurer?

Policy Servicing

Single request contact details updation Premium alerts & payment for all insurers Increased number of service touch points Ease in registering bank account details for premium payment and payouts

Ease

One time Know Your Customer updation Storage of policy in electronic format All insurance policies under single eInsurance Account Consolidated insurance statement on an annual basis

Claims

Single view of all policies to an authorized person in case of death of the eIA account holder One time claim intimation