The Insurance Regulatory and Development Authority (IRDA) lays down rules and regulations for insurance. From time to time, IRDA formulates new regulations or makes changes in existing regulations to adapt to the changing insurance industry. Similarly, there have been a few changes in the norms of opening eInsurance Accounts. Do you know what eInsurance Accounts are?
eInsurance Account is an online account which stores the information of all your insurance policies. Whether it is life insurance, car insurance, health insurance or any other form of insurance which you have bought, you can see the details of all your policies in your eInsurance Account.
To open an eInsurance Account you can approach your insurer or use the services of a repository. Some popular repositories offering the facility of opening the account include CAMS, Karvy, NSDL, etc. You would have to fill up a simple form, furnish your details and pay a small fee. Your eInsurance Account would be easily opened.
There are some new changes in the rules of eInsurance Accounts. These changes, as stated by IRDA’s circular, are as follows:
At the time of opening the account, verification of KYC (Know Your Customer) documents is necessary. For verification one can resort to eKYC, submit KYC forms to designated repositories or use any other methods permitted.
Earlier, an e-signature was required to validate and open an eInsurance Account. However, as per the new rule, now validation can be done through a One Time Password (OTP) only.
Earlier, both the mobile number and email id of an individual were required to open an eInsurance Account, now only one of these details essential.
ePAN, which is a digitally signed PAN card, was offered by repositories like NSDL for compliance to KYC/AML guidelines. However, the same is not considered a recognised mode now. AML or Anti Money Laundering Guidelines are those which have been laid down to detect possible money laundering frauds and terrorist financing activities.
Insurance policies which are sold on the ISNP platform should be followed up with the opening of an eInsurance Account within 15 days of the sale of the insurance policy. An ISNP platform is an online platform for selling insurance policies.
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