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What is e-Insurance? What is in it for me?
S V Ramanan, CEO, CAMS Repository Services, answered readers' queries on electronic insurance in an online chat with readers August 6
Here is the unedited chat transcript:S V Ramanan, CEO, CAMS Repository Services, answered readers' queries on electronic insurance in an online chat with readers August 6
vinod-jadhvani: Is it that only existing policies of HDFC and ICICI Prudential companies can be trfd to eIA A/c?Are existing LIC policies not allowed?
S V Ramanan: As per IRDA guidelines all Life Insurers including LIC have to offer policies in electronic form. LIC data exchange is under testing. It should be available in August 2014 for all Policy holders.
girish kumar: There are new insurance companies who offer e-insurance and looks like their product has more value for money, but their claim settlement ratios is not as good as the oldies as they are new to industry. Is it safe to assume that as long as we make our initial disclsoure honestly, Claim settlement ratio of the insurance company does not matter?
S V Ramanan: Yes. As long as initial disclosure is done, claims will not be impacted.Today, e Insurance is offered by all Life Insurers (new and old)
girish kumar: Generally its assumed that since insurance companies are authorized by IRDA, its safe to take up any insurance provider.On the second hand should we take Claim Settlement ratio of insurance company as one of the parameter ?
S V Ramanan: Girish, yes it safe as all insurance companies are authorized by IRDA. Claim rejects is usually based on initial disclosure.
vinod-jadhvani: How long does it take for eIA a/c to get opened from the date of submitting the request?And how are we intimated about its opg?
S V Ramanan: As per guidelines, its 7 days to open an account. However, it normally gets done in a day. Information would be shared with you through sms and e-mail
Nitya Shetty: If I have to buy insurance online will I now get a paperless policy document? Who will safeguard the document for me?
S V Ramanan: When you buy a policy online, you would be given an option to either hold it in Physical or Electronic form. Electronic form are handled by Insurance Repositories who are approved by IRDA.
Madhumita Gosh: What is the procedure to follow?
S V Ramanan: Open a eIA. Convert existing policies online. Buy new policies quoting eIA.
Imran Farooqui: What are the confidentiality issues involved here? What si the guarantee that somebody will not hack such database and tamper with my e-IA?
S V Ramanan: Insurance Repository (IR) are reputed entities who have been approved by IRDA. All relevant Data Security protections are in place.
Aprosh Aarsiwala: What is an e-Insurance Account?
S V Ramanan: A policy holder needs to open an e Insurance Account (e IA) with one of the Insurance Repositories to be able to buy and keep policies in electronic mode. An individual can have only one e IA with any one of the Insurance Repositories. Once an e IA is opened, the account holder can buy and keep all his electronic insurance policies – be it life, health or general -under this single account.
Ashish Gupta: How can I get my insurance policy into paper format?
S V Ramanan: Open a E Insurance Account (eIA). Give a policy conversion request. Policies would be converted to electronic form and available in your eIA
spenta: Will i get a loan based on my e-insurance? will holding any insurance policy in a paperless be mandatory ?
S V Ramanan: Currently holding an insurance policy on e mode isn't mandatory. Loan or other facility will continue as in paper form.
Sukhvinder Agah: Is it going to happen in 2014? What is the guarantee?
S V Ramanan: Its already operational. Over 1 Lakh people have taken advantage of this initiative.
Murali Bansi: What kind of KYC is required to get an e-IA?
S V Ramanan: One time KYC. Id Proof (PAN or Aadhar) and Address Proof
Megha Nambiar: What are the documents required to get a paperless insurance policy?
S V Ramanan: Documents required to open an eIA : ID Proof:AADHAR CARD or PAN CardAddress Proof, Colour Photo and cancelled cheque leaf.
Jaipal Sahani: What is e-insurance? What is in it for me?
S V Ramanan: E Insurance through Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document.Some of the benefits ( What's in it for me) : Safety ( you don't have to preserve the physical document for life), Convenience ( you can transact online), Single Point of Service ( for all your insurance policies) and Single KYC
S V Ramanan: e Insurance help policy holders buy and keep insurance policies in electronic form, rather than as a paper document.What's in it for me? Safety, Convenience, Single Point of Service, Single KYC to name a few.
Ganesh Walke: What is an Insurance Repository?
S V Ramanan: An Insurance Repository is a facility to help policy holders buy and keep insurance policies in electronic form, rather than as a paper document. Insurance Repositories, like Share Depositories or Mutual Fund Transfer Agencies, will hold electronic records of insurance policies issued to individuals and such policies are called "electronic policies" or "e Policies".