Things you should know about e-insurance account

Adding a policy

You can add policies to the e-insurance account by filling up a ‘ Demat form’. It can be obtained from the insurer or downloaded from its website. You can also approach the insurance repository to demat your insurance policies.

Details

Policy holders need to enter details such as name, PAN details and e-insurance account number. Policy numbers of the ones to be converted into a demat form need to be mentioned along with the insurer’s name.

Operational changes

The e-insurance account holder can also change demographic or personal details registered with the repository by filling up a service request form with the insurance repository.

Documents

Attested copies of supporting documents need to be provided. In case of changes in bank details, a cancelled cheque of the new bank account also needs to be provided.

Communication

Once the policy has been credited to the insurance repository /change has been updated in the records of the repository, a message is sent to the policyholder intimating the same.
Points to note

1) While submitting a policy for demat, one needs to check whether the insurer is associated with that insurance repository.
2) On issuance of an e-policy, the policy document held in physical form becomes null and void.

(The content on this page is courtesy Centre for Investment Education and Learning (CIEL). Contributions by Girija Gadre and Arti Bhargava.)