The Insurance Regulatory and Development Authority (IRDA) launched the insurance repository system in a bid to provide streamlined services to insurance policyholders. This database allows individuals to store all insurance-related information in electronic format. Policyholders can now open e-insurance accounts with these repositories and access relevant information with ease.
In the following sections, you will find out about the best insurance repositories in India, their benefits, how to open an e-insurance account, and more.
Following the digitisation of most processes, insurance providers have also started insurance-related data online. Individuals can obtain several insurance policies from different providers. A repository will keep track of these policies in electronic form and offer a service record.
Here is a list of licensed insurance repositories available to open an account:
Take a look at the details of each of these to find the best insurance repository in India.
As per IRDA’s approval, NSDL Database Management Limited holds all kinds of insurance policies in digital form under a single e-Insurance Account (eIA). Check out the process of opening an account with this repository.
This public limited company offers insurance repository services by holding your insurance policies in an electronic form within the e-insurance accounts of policyholders. By opening an account with this repository, you can make changes and modifications to your eIA or policy when required. On your mission to settle for the best insurance repository in India, learn about the account opening procedure under this repository.
The CDSL will open your account and enable you to create a password of your choice on verifying your details.
This insurance repository promotes green computing by following a paperless procedure of e-insurance account opening. This device-friendly repository also allows you to appoint a caretaker for your policies. Check out the steps of account opening with this insurance repository:
Once done, you can access your account online and make changes or modifications as per your wish.
The CAMS insurance repository enables the digitisation of insurance policies at no cost. You can view all your insurance policies on a single dashboard to avoid any confusion. Given below is the account opening procedure under this repository:
Finally, the repository will open your account and allow you easy access.
You can obtain a health insurance policy from reputed insurance providers like Navi and manage your policies online by opening an account with one of the above repositories.
Check out the advantages of maintaining an e-insurance account with the best insurance repository in India.
Here are the top benefits of opening an e-insurance account with insurance repositories:
With your policies’ digital record-keeping process, you need not worry about misplacing any document. The repositories ensure easy access and storage of your insurance plans by offering the utmost safety.
Policyholders with an eIA can access their accounts from anywhere around the world and make changes to their existing insurance documents.
By opening an account with any one of the above insurance repositories, you can avail of paperless storage of your health insurance plans. This way, one can avoid the hassle of heavy paperwork.
With eIA, you can avoid the inconvenience of standing in long queues to make changes to your insurance plans, as you can access the plan details via the insurance repositories. Opening an account with the best insurance repository in India is easy and takes minimal time.
Maintaining an electronic database of health insurance plans enables a policyholder to access and make modifications conveniently. Under IRDA, there are four insurance repositories offering a series of benefits to policy members.
Choosing the best insurance repository in India out of these four options is fairly easy. Avail of your health insurance from reputed providers like Navi and open an account with any one of the repositories to store the details.
Ans: Yes, you can store insurance policies from different providers and store them under one account.
Ans: Insurance repositories provide services free of cost. Therefore, you need not pay anything while opening an account with them.
Ans: On raising a request to change your policy details such as sum insured, nomination, and more, the insurance repository will forward the request to the insurance company.
Before you go…
Picture Credits – Background photo created by osaba – www.freepik.com