If you need to open an insurance account but want to spare yourself from all of the time and energy spent over the tedious task of getting the paperwork made, here is the solution to that problem: e-insurance. You must do life insurance comparison on moneyexpert.com before purchasing a policy. An e-insurance resembles a repository where you can deal with life insurance, health insurance policy, and other protection policies, all in one place. Every one of the policies that are put away in e-insurance accounts is called to as e-insurance policies. It also ensures your safety against policy loss and theft.
Benefits of an e-Insurance Account
There are many benefits of having an e-Insurance account. Some of which are mentioned below:
- Since all of the insurance policies are filed online. The danger of misplacing or theft of documents is avoided. This also ensures an easy way to access the documents.
- Service requests like ‘change of address’ can be submitted to your e-insurance account. The IR will then upload this information onto all of the policies which are connected to the e-insurance account. There is no requirement for you to visit every one of the insurers.
- Because of your e-insurance account number, you don’t need to submit KYC reports each time you purchase a new insurance policy. All you need is to sign in using your login Id and Password.
- One single online insurance account is sufficient to purchase different insurance plans from an assortment of insurers.
- A rundown of all policies that are credited will be accessible in the e-Insurance Account. For every policy, subtleties like the status, commencement, maturity/expiry, appointment, endorsement, address, terms and conditions and so on., would be accessible. Likewise, the e-Insurance Account holder will have the ability to download a duplicate of the policy bond.
Now that you are well aware of the benefits of having an e-Insurance Account; you must be eager to register for one yourself. The question that arises now is:
How to open an e-insurance account?
The process of setting up an e-insurance account is very simple. If you were to follow the steps mentioned below, you would face no problem in understanding the NIR registration process.
- You need to fill the e-Insurance Account Opening Form, which is available in both offline (https://nir.ndml.in/pdf/ndml-form-opt2.pdf) and online (https://nironline.ndml.in/NIR/onlineEiaApplicationHome.html) modes.
- Enclose all the documents required for KYC while registering. For reference, you can crosscheck onhttps://nir.ndml.in/registration-for-nir.htm
- You can either submit the Account Opening Form along with the KYC documents to the branch of your Insurance company or an Approved Person. Approved Person list: https://nir.ndml.in/ap-details.htm
- The Approved Person/ Insurance Company will carry out the process of verification on the e-Insurance Account Opening Form along with the KYC documents.
NOTE: Make sure that you carry the original documents as well as a few self-attested copies of all of the documents that are required for KYC.
- The NIR registration process is done. The NDSL Insurance Repository will now open your e-Insurance Account and send you the specifics such as login Id, password and other account details.
- You can attain access to your e-Insurance Account via login Id and password.
Policies that come under these criteria
Sum Assured
- Term policies, General Insurance Policies (aside from motor insurance), individual mishap and domestic travel policies in which the sum assured is equivalent to or more than Rs. 10,00,000.
- Individual Health Policies in which the sum assured is equivalent to or more than Rs. 5,00,000.
- ULIP, Endowment, Term Plans with Return on Premium for which the sum assured is equivalent to or more than Rs. 1,00,000.
- Any form of motor or overseas insurance policies no matter what premium is paid.
Premium
- Term policies, ULIP, Endowment, Term Plans to Return on Premium, Pension Policies, Annuities and Individual Health Policies with premium equivalent to or more than Rs. 10,000 (Premium can be single or yearly).
- Any form of motor or overseas insurance policies no matter what premium is paid.
- General Insurance Policies (aside from motor insurance) and personal mishaps and domestic travel policies wherein the premium are equivalent to or more than Rs. 5,000 (Premium can be single or yearly).
We hope that we were able to answer all of your questions, ranging from how to open an e-Insurance Account to NIR registration process. However, if you have any further doubts, kindly contact: https://nir.ndml.in/index.htm
