You might at some point of time came across a term called Demat Accounts which is technically a hassle free way to keep securities or share document in which you have invested in a electronic format. So you actually don’t need to keep the physical copy of documents in files and folders and ensure security of same so that they don’t get eaten away by rats and rodents. Similar on those lines IRDA in the year 2013 came with the concept of E-Insurance Accounts. With its help you can get you insurance policy documents converted into electronic formats and the same is stored in a hassle free manner. 

In fact in a recent guideline issued by the Insurance regulator it has been made mandatory for the insurer to issue policies in electronic format for the ones which are specifically bought online.
So the first question is, how can you open an E-Insurance Account to enjoy the benefits?
E-Insurance account or eIA can be open any of the registered Insurance repositories appointed by the Insurance regulator. You can access your insurance portfolio with just one click through internet through an eIA. The various Insurance Repositories are:
•    M/s NSDL Database Management Limited
•    M/s Central Insurance Repository Limited
•    M/s SHCIL Projects Limited
•    M/s Karvy Insurance Repository Limited
•    M/s CAMS Repository Services Limited
You can follow few simple steps to open an E-Insurance Account:
First you need to fill the E-insurance account opening form available with the websites of any of this repositories
Furnish the required identity proof which can be either your PAN or UID
Final step is to provide the repository with a valid address proof , for which you can use any of the following 
•    Ration Card
•    Passport
•    Aadhar letter
•    Voter ID Card
•    Driving license
•    Bank Passbook (not more than 6 months old)
•    Verified copies of  Electricity bills (not more than 6 months old), Residence Telephone bills (not more than 6 months old) and  Registered Lease and License agreement / Agreement for sale.
•    Self-declaration by High Court and Supreme Court judges, giving the new address in respect of their own accounts.
•    Identity card/document with address, issued by
1)    Central/State Government and its Departments,
2)    Statutory/Regulatory Authorities,
3)    Public Sector Undertakings,
4)    Scheduled Commercial Banks,
5)    Public Financial Institutions,
6)    Colleges affiliated to universities; and
7)    Professional Bodies such as ICAI, ICWAI, Bar Council etc. to their Members
To check whether you account is opened or not just you need to log into with you user id and password set during the process of registration and it’s all done.

1)    Safety: The first and primary benefit is that it offers a lot of safety. There is no more a risk associated with maintaining paper documents of your policy. Any form of insurance life, health or general can be electronically converted in an E-Insurance Account and the access to the same is also very easy, just one click and you get it.
2)    Convenience: The second most important benefit is that you can get everything in one place. Other most important benefit is once your details are updated with any Insurance repository, next time when you are buying another policy you don’t need to furnish your KYC documents again and again. Just give your insurer your E-Insurance account number and it’s done. Now it’s your insurers responsibility to issue you the new policy into the electronic account
3)    Environment Friendly: Other than the regular benefits the E-Insurance has an environment friendly attribute too. You actually don’t need to furnish your KYC document next time subject to condition there is any change
So definitely an E-Insurance account is a real boon for any policyholder. Going paperless always has its own benefits as it save a lot of time and money also. One point of service through E-Insurance accounts is also an helpful feature and you don’t need to go every insurer individually.