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E-ia: The New Life Insurance

By Expert Author: Neha Sharma

The E- IA or the electronic insurance account is a form of online life insurance. If a policy holder wants an online life insurance policy he must apply for an online account to begin the process. Lets explore.

What is an E- IA?

An e- IA is an electronic insurance account, which a policy holder can open with a bank or a financial institute. He can buy all his insurance policies like health, pension, general and life insurance and store it in an electronic mode. Each unique E-IA will have an account number which the policy holder must remember and quote when he is applying for a new policy.

How does it operate?

You will first have to fill out an account opening application form with the bank or the financial institute and submit the necessary documents like the attested copies of the all supporting address and banking related documents. You will have to submit your PAN or Aadharcard.Some banks also allow you to open an account by downloading the form from their website too. You can always contact your life insurance advisor for the process. When an individual applies for an E-IA he will be given a unique login id and password while he applies for his insurance policy. You can now apply for the different policieseasily through a single online account.

What are the benefits?

There are several advantages to the E- I where you can hold multiple insurance policies. Some of the benefits include the following:

Safety: The risk for loss or damage is almost nonexistent. This is because you will be applying for all your general and life insurance policies through online platform and it will be stored in the same format. You can also access them anytime you, need just by logging in with your secure id and password.

Convenience: If you have multiple policies like, pension, health, general or life insurance it will be held in one account. Therefore all the details of all your policies will be accessible in one single account. You can pay the premium for your account online and all your updates and upgrades will be recorded too.

Point of service at one location: if you want to apply for any premium or reapply for an insurance that is expiring, you need not run to the head office or your insurance manager. All you need to do is access your account and re apply there. You can also check for additional policies. You also need not submit additional documents if you are reapplying for the policies. As all your details are already stored with the bank, they will access your documents and get your insurance working.

Author Bio :- Neha Sharma is a finance student who loves writing about life insurance and more. She is delighted to share her knowledge about life insurance services to people so that they can make better decisions in future.

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