Investors are quite used to the idea of their shares and mutual funds being in the dematerialised form. The experience has been wonderful and no longer does one have to worry about reams and reams of physical documents. Considering the success of the dematerialisation of shares, IRDA the insurance regulator came up with the initiative of maintaining insurance policies in demat form.
If you opt to dematerialise your insurance accounts, you no longer have to search and shift through numerous policy documents when it is time for you to file your returns or claiming policy benefits. Given today’s complexities, it is likely that you have several insurance policies, term insurance, health, accident insurance and a pension plan, just to mention the basics. And when it is time to bring all the papers out, there is always a niggling doubt that you may have missed out on some important thing that you may have forgotten to keep track of!
Well, if you are nodding in empathy, here is good news for you. Just like stocks and bonds, you can maintain all your policies under a single e-insurance account or e-IA.
How to open an e-IA
- While purchasing a new policy, submit your e-IA application form along with the new business application form. (If you already have a number of policies skip to step 2)
- Opt for one among the following repositories
- Each of these repositories have instructions and individual forms for insurance dematerialisation. Fill out and submit it with us or the nearest depository office.
- All your existing policies can be converted into demat form as per your request.
The benefits of maintaining an e-IA
- All policies are maintained in electronic format so you do not have to worry about losing policy documents.
- Modifications can be made efficiently with speed.
- One time KYC for opening an e-IA
- Conversion of existing policies into e-IA policies
- Single view portfolio tracking for all your policies
- Ease in premium payments
- No extra charges of opening and maintenance of e-IA account.
How BEELINE can help?
If you have an account with us, all you have to do is choose NDML as your repository and submit your form with us with a onetime KYC details.
We can help you create an e-IA absolutely free of cost and you can buy as many insurance policies under the same demat account.
You can pay your premiums, view your portfolio and make amendments nts to your policy online.
Also, if you wish you change some personal information such as change of address, you can just register the change with us and we will do the needful for you in the future.