List Of Best Health Insurance Repositories And Benefits Of An e-Insurance Account

Health Insurance

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. Check out the best insurance repositories in India, their benefits and roles, what is an e-Insurance Account (eIA) and the benefits of an eIA. Read on!

What is an Insurance Repository?

A company that is formed and registered under the Companies Act, 1956 is defined as an insurance repository. Insurance Regulatory and Development Authority (IRDA) has certified these companies for the maintenance of data of insured policies via electronic mode on behalf of the insurers. With an insurance repository, holding electronic policies issued in electronic form becomes easy.

What is the Role of an Insurance Repository?

 Given below are the roles of an insurance repository:

• They enable the holding of insurance policies in electronic form.
• Insurance repositories enable policyholders to make changes to their policies with speed and accuracy.
• They lend transparency and efficiency to the maintenance and issuing of insurance policies.
• An insurance repository acts as a one-stop solution for various policy needs.

List of Best Insurance Repositories in India

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:

1. NSDL National Insurance Repository (NIR)
2. CDSL Insurance Repository Limited
3. Karvy Insurance Repository Limited
4. CAMS Insurance Repository Services Limited

Take a look at the details of each of these to find the best insurance repository in India. 

1. NSDL National Insurance Repository

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. 

• Fill out the online e-insurance form for account opening. 
• Attach the KYC documents with this form. KYC documents include identity proof, proof of address, and birth proof. 
• You can submit the form along with the documents to a nearby Approved Person or a branch of an insurance company from where you hold a policy. 
• The Approved Person or the insurance company will verify your documents. 
• After successful verification, the insurance repository will open an eIA and give you the login ID and password.
• You can access your account by entering credentials (Login ID and password). 

2. CDSL Insurance Repository Limited

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. 

• Select an Approved Person of your choice. It is ideal to choose an Approved Person near your location. 
• Once chosen, you will be redirected to an informative page where you will find details of your Approved Person. 
• Download the e-insurance account opening form. 
• Fill out the form and attach the KYC documents along with it. 
• Submit the form and the documents to the Approved Person. 

The CDSL will open your account and enable you to create a password of your choice on verifying your details. 

3. Karvy Insurance Repository Limited

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:

• Click on the ‘Apply online’ link present at the top of the repository’s homepage. 
• Enter your name, email, mobile number, Aadhaar, and PAN details in the required fields. 
• Upload the details of necessary documents. 
• After submitting the details, the insurance repository will open your account. 

Once done, you can access your account online and make changes or modifications as per your wish. 

4. CAMS Insurance Repository Services Limited

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:

• You can either register by using PAN or Aadhaar details. 
• Enter your mobile number or email ID in the next step. 
• Upload your KYC documents. 

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. Navi Health Insurance comes with a number of benefits like cashless claims under 20 minutes from over 10,000 network hospitals. Download the Navi app and go paperless! 

Also read: Medical Allowance Exemption: What Every Taxpayer Must Know

What is an E-Insurance Account (eIA)?

An investor’s electronic portfolio of insurance policies in an insurance repository is referred to as an e-Insurance Account (eIA). It helps policyholders track their life insurance and general insurance policies of multiple insurers in one place. As per the guidelines of IRDA, the following entities are authorised to open an e-insurance account:

• Central Insurance Repository Limited
• Karvy Insurance Repository Limited
• CAMS Repository Services Limited
• NSDL Database Management Limited

Benefits of Holding an E-Insurance Account (eIA) with the Best Insurance Repository in India

Here are the top benefits of opening an e-insurance account with insurance repositories:

Protection

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. 

Convenient

Policyholders with an eIA can access their accounts from anywhere around the world and make changes to their existing insurance documents. 

Paperless process

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. 

Use-friendly

With an 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. 

Also Read: Should You Consider Buying A Rs. 1 Crore Health Insurance Policy?

Final Word

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. Download the Navi app now!

FAQs on Best Insurance Repository in India

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Disclaimer: This article has been prepared on the basis of internal data, publicly available information and other sources believed to be reliable. The information contained in this article is for general purposes only and not a complete disclosure of every material fact. It should not be construed as investment advice to any party. The article does not warrant the completeness or accuracy of the information, and disclaims all liabilities, losses and damages arising out of the use of this information. Readers shall be fully liable/responsible for any decision taken on the basis of this article.