You have to buy electronic insurance policies which will be held in a demat account termed an e-Insurance Account, or eIA. All you need to do is open an e-Insurance Account from any of the repositories.
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Easier to maintain
As all your insurance policies — life, health, and general insurance policies — will be kept in e-Insurance Account, it will be easier to view maintain, and update details of your policies.
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e-Insurance Account: You won’t have to pay anything
Opening an e-Insurance Account account is easy and free. The insurer will bear the cost of opening of an e-Insurance Account on your behalf. Do keep in mind that there will be one eIA for all your insurance policies.
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Can you get physical documents of your insurance policy now?
You will still have an option to get the policy documents in physical format if you want. “All policies issued in electronic form by the insurer directly to the policyholder shall also be issued in physical form if requested by the policyholder,” IRDAI states.
