You will drown in paper in the event that you don’t get composed and organized. There is a straightforward approach to pull you out of this chaos. Utilize the EIA (Electronic Insurance Account).
EIA help the people who are frequently ignorant of any disaster insurance strategies been taken by the family. Frankly, this is the key inspiration driving why unclaimed money with additional security associations turned out to be more than 250% in the four-year time period between 2009-10 and 2012-13. Around the end of 2012-13, unclaimed money with disaster insurance associations was Rs 4,866 crore diverged from Rs 1,373 crore in 2009-10. An EIA would help you keep up a key distance from this.
What is EIA?
The Electronic Insurance Account or e-Insurance Account is like a bank account. Instead of storing your money, the EIA helps you store your insurance documents online in electronic format.Thus, you can have all your electronic policies in one single place. so,open your own EIA at no cost and experience the simplicity for yourself!
How does EIA work?
Much like the bank or demat account, you have an administration provider who opens a ‘insurance repository‘. This goes about as the focal holding place for all your insurance duplicates. Consider the insurance repository to be your bank. Much the same as the bank has lakhs and crores of cash through stores from clients, so will the archive hold your protection arrangements in electronic configuration.
You need to approach a protection archive to open your Electronic Insurance Account. When you do that, you will be given a special record number – much like your funds financial balance points of interest. This number will speak to your character and your insurance holdings.
What are the benefits of EIA?
-> You are better equipped to know your investments as all your policies are in one place.
-> You can also make better decisions for tax implications.
-> You will be relieved from the hectic job of going through the physical policy papers.
-> You can manage all your life insurance policies of all insurers under a single e-Insurance Account.
-> Moreover Opening an EIA is free of cost. You submit your documents there, you do not have to worry about document submission henceforth. The EIA has your data; and this will be used every time you purchase a new policy.
Where can you open EIA?
The insurance market controller – Insurance Regulatory and Development Authority (IRDA) permits the accompanying five elements to go about as ‘Insurance repositories’, which are approved to open e-Insurance Accounts.
NSDL Database Management Limited
- Central Insurance Repository Limited
- SHCIL Projects Limited
- Karvy Insurance Repository Limited
- CAMS Repository Services Limited
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