9/27/2016

EpoliciestobeamustfromOct1:Here'showtoopenaneinsuranceaccountTheEconomicTimes

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EpoliciestobeamustfromOct1:
Here'showtoopenaneinsurance
account
Sep26,2016,06.30AMIST

0
Comments

Thougheinsurancewasstartedtwo
yearsago,theaccountshavebeen

Ifyouareplanningtobuyaninsurancepolicy
after1October,itwillbemandatoryforyouto
haveaneinsuranceaccount,accordingtothe
InsuranceRegulatoryandDevelopment
AuthorityofIndia(IRDAI).Thougheinsurance
wasstartedtwoyearsago,theaccountshave
beenmademandatoryonlynow.Themoveis
aimedatconsolidatingyourinsuranceportfolio
andalsomakingtheclaimprocesseasier.

mademandatoryonlynow.

Youcanopentheelectronicaccountbydirectly
approachingtherepository,orthroughyourinsurer,whocandoitthroughits
partnershipwitharepository.Thereisnoextracostinvolvedinopeningthe
electronicaccount.Afteryougetanaccount,allyourinsurancepolicieswillbe
availableatoneplace.Youcanaccessthematanytimeandwhenitcomesto
makingaclaimorregisteringacomplaint,youwillnotneedtopayaphysical
visittotheinsuranceofficeorbranches.Thecomplaintwillbeaddressedby
policyholders'grievancecellsetupintherepository.Besides,thesystem
ensurescompletedataconfidentiality.
AbigadvantagefortheindustryisthattheintroductionofKYCwillresultinthe
creationofareliableandcomprehensivedatabase,completewiththe
insurancehistoryofthecustomerandhisinsuredassets,alongwithclaim
details.
Howtoopenanaccount
Thefirststepischoosinganinsurancerepositoryandyoucanpickonefrom
thefiveauthorisedbyIRDAI:CAMSRepositoryServices,KarvyInsurance
Repository,CentralInsuranceRepository,NSDLDatabaseManagementand
SHCILProjects.
Thenextstepistologintothewebsiteoftherepository/insurancecompany
andfilluptheapplicationform.AttachtheKYCdocumentswiththeformand
submittheseonline.Thedocumentsmandatoryforopeningtheaccountare
AadharcardorPermanentAccountNumber(PAN)card.Thereareother
documentsthatyoucansubmitasaddressproof,includingtheregisteredlease
andlicenceagreement/agreementforsale,Aadharletter,rationcard,driving
licence,etc.Youcouldvisittheinsurer'sorrepository'swebsiteforeasy
referencetothedocumentsrequiredtobesubmittedforproofofdateofbirthor
formoreinformationonKYCdocuments.
Youcanalsosubmitthedocumentstoan'ApprovedPerson',whichisaPointof
Sale(PoS)entityappointedbytherepositorytoextenditsservices.The
repositorythenverifiesthedocumentsandfeedsthedatainthesystemtoopen
anelectronicaccount.Aneinsuranceaccountwillbeopenedwithinseven
daysofthedateofsubmissionofcompletedapplicationform.Oncetheaccount
isopened,awelcomekit,containingtheloginIDandpassword,ismailedto
you.Nowyoucanlogintotherepositorywebsiteandusetheaccount.

http://economictimes.indiatimes.com/wealth/insure/epoliciestobeamustfromoct1hereshowtoopenaneinsuranceaccount/articleshow/54495206

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9/27/2016

EpoliciestobeamustfromOct1:Here'showtoopenaneinsuranceaccountTheEconomicTimes

you.Nowyoucanlogintotherepositorywebsiteandusetheaccount.
Howtobuyaneinsurancepolicy
Ifyouhaveopenedyoureinsuranceaccountthroughthewebsiteofthe
authorisedinsurancerepository,youwillhavetosharetheeaccountnumber
withtheinsurancecompanywhilebuyingthepolicyonlineorinperson.The
repositoriesarenotauthorisedtosellpoliciestocustomersandcanonly
maintainpoliciesintheelectronicform,besidesprovidingthedetails.
Ifyouhaveopenedtheaccountthroughtheinsurancecompany,youneednot
worryastheprocessingandallotheractivitiesrelatedtothepurchasewillbe
completedbytheinsurer.
Oncetheaccountisopened,youcanpaythepremiumbyloggingintoyour
account.Electronicpaymentsarebecomingincreasinglypopularduetothe
widespreaduseofonlineshoppingandbanking.Thebiggeradvantageis
instantgratificationofpolicyissuancethatenablescustomerstotransact24x7.
Thiswillhelppaythepremiumsunderoneroof,insteadofloggingin
individuallytodifferentinsurerwebsitesthatyoumayhaveoptedfor.
Convertingphysicalpolicytoepolicy
Theserulesapplyonlyfornewpoliciesandtheexistingpoliciescancontinueto
beheldinthephysicalform.However,ifyouwanttoconvertyourphysical
policies,youcanforwardtherequestbyfillingthenecessaryform.Youcan
eitherlogintotherepositorywebsiteorinformtheinsurertoconvertthepolicy
andlinkittoyoureinsuranceaccount.Theeinsuranceaccountisanew
paradigm,whichwillcomewithalotofattendantbenefitsforboththeinsurers
andcustomers.Policieswillbeissuedinstantlyanddirectlytothecustomerin
thedigitalformand,hence,thequestionofdelayinissuanceornonreceiptof
policywillnotarise.
8stepstoopeninganeinsuranceaccount
1.Selecttheinsurancerepositoryorcontactyourinsurerthathaspartnered
witharepository.
2.Downloadtheaccountopeningformfromthewebsiteoftherepositoryorthe
insurer.
3.Submitthedocuments,alongwithKYCdocuments,tothe'Approved
Person',websiteorbranchofinsurer.
4.The'Approvedperson'/insurerwillverifytheeinsuranceformandprocess
theapplication.
5.Theformwillbesubmittedtoinsurancerepositoryifyouhavedepositedit
withyourinsurancecompany.
6.TherepositorywillopentheaccountandsendtheIDandpasswordviatext
andemailtoyou.
7.Youcanlogintotherepositorywebsiteandaccessyourpolicydetails.
8.Existingpoliciescanbelinkedtoeinsuranceaccountbysubmittingthe
requiredformtorepository.
Youcanviewanddownloadpolicy.
(ByEaswaraNarayanan,ChiefOperatingOfficer,FutureGeneraliIndia
InsuranceCompany)
READMORE: pan|KYC|IRDAI|ETWealth|AADHAAR

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