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Monday, Jun 19, 2017

How to convert existing policies to e-insurance policies

[Source : The Economic Times]

It is cumbersome to maintain physical insurance policy papers of all family members with different covers.

To avoid losing a document, one can convert existing insurance policies to e- insurance policies so that all policies are available at the click of a button and are always accessible. To avail this facility, an e-insurance account needs to be opened.

Open an account

An e-insurance account can be opened with any of the four insurance repositories approved by Irdai by filling up an account opening form. Personal details of the individual, bank details and contact details need to be given. A recent passport size photograph should be affixed on the form.

Authorised representative

Contact information of an authorised representative must also be mentioned. The person is appointed by the account holder and can access the e-insurance account in the event of the account holder’s demise or if he is incapable of accessing the account. The representative may be different from the nominee.

KYC documents

A list of documents approved for filing of the form is available on the form. This includes copies of date of birth proof, identity proof and address proof.

Submission

Once documents are submitted and verified, an e-insurance account is opened. Existing policies can now be converted and deposited into the e-insurance account.

Conversion form

To convert into e-policy, a conversion form must be filled which includes name of the policy holder, policy number, e-insurance account number and insurance company name. Policy document may or may not be attached with the form depending upon the requirement of the insurance company. On receipt of policy conversion request, the insurance company will credit the policy in the policy holder’s e-insurance account.

Points to note

*There are no charges for opening an e-insurance account or conversion.

* Authorised representative can only access the e-insurance account to know the portfolio of insurance policies.

* Once the policy is converted into e-policy, the physical insurance policy certificate is deemed null and void.

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