In case of health insurance policy, the sum assured needs to be Rs 5 lakh or more apart from annual premium of Rs 10,000 and above. For general insurance policies, e-insurance is needed if anyone is paying an annual premium of Rs 5000 and above or has a sum insured of Rs 10 lakh or more.
The Insurance Regulatory and Development Authority of India (IRDAI)
It have made issuing insurance policy in electronic mode mandatory from October 1, 2016. It holds for new insurance policies based on certain criteria. The rule states that e-insurance needs to be issued to anyone paying an annual premium of Rs 10,000 and above or the sum insured is Rs 10 lakh or more.
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In case of health insurance policy
The sum assured needs to be Rs 5 lakh or more apart from annual premium of Rs 10,000 and above. For general insurance policies, e-insurance is needed if anyone is paying an annual premium of Rs 5000 and above or has a sum insured of Rs 10 lakh or more. The rule is applicable irrespective of the policies bought online for offline. There are over 30 crore life policies and 10 crore non-life policies in force and currently about 6 lakhs e-Insurance accounts have been opened, as per CAMSRep.
"E-issuance of Insurance policies has
been made mandatory. It is desirable to have e-IA account to buy online
policy" says an MD & CEO, Universal Sompo General Insurance.
"With the government pushing all service to digital, we believe the
adoption of Electronic Issuance of Policies would also improve. People who have
understood the benefits of policies issued through the IR system are not asking
for physical copies of insurance documents anymore. The challenge remains in
educating the large population about the benefits", says a CEO, CAMS
Insurance Repository.
E-Insurance Account (eIA)
An e-Insurance Account (eIA) which is a lot
like demat account helps you to keep all your electronic insurance policies
from any insurer in electronic mode. Opening an e-Insurance Account (eIA) keeps
your electronic policies safe, convenient and easy to manage. From general to
life insurance, for all type of insurance policies one e-Insurance account is
needed which comes with separate account number, login Id and password for each
account holder to access their account. For existing insurance policies, one
can convert their policies into electronic mode by requesting for conversion
along with applying for opening an e-insurance account. While buying a new
insurance policy, it is best to open an eIA at the same time and go for an
electronic policy.
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