Now, you don't have to remember multiple passwords to check the status of your insurance policies.
After the launch of the Insurance Respository System last week, customers can now check status of investments and pay premiums of different companies with a single log-in by opening Electronic Insurance Account (EIA).
The repository will also provide safety of documents for customers as all documents will be saved in electronic format.
"Insurance Repositories capture know your customer (KYC) data, convert the policies into electronic mode, protect them and take care of the on-going servicing needs of policyholders," said Vivek Verma, executive director, Karvy Insurance Repository.
"They do this by opening an EIA and tagging the insurance policies into this account."
Policyholders can approach these repositories and insurance companies to open an EIA, free of cost. A policyholder will be required to submit address proof and identity proofs, photograph and a cancelled cheque. The account will be opened within seven working days.
The Insurance Regulatory and Development Authority has granted the status of insurance repositories to Karvy Insurance Repository, NSDL Database Management, Central Insurance Repository, SHCIL Projects and CAMS Repository Services.
"A policyholder will be able to check the investment status of different policies on a real-time basis with the EIA," said Subrat Mohanty, executive vice-president, HDFC Life. "It will also allow policyholders to change fund allocation with a single log-in."
"Once a policyholder completes the KYC process and submits documents to a repository, he or she will not be required to provide KYC documents again in future while buying new policies," said P Ravi Kutumbrao, technical head, Bajaj Allianz Life Insurance.
And this measure will also help the industry go green as the creation of the repository has the potential to save 1,800 million pages annually.