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E-insurance is now compulsory for all policyholders.

India's IRDAI is making things digital! Effective April 1, 2024, all insurance policies will be issued electronically.

Written by Thelearnvine

What is e-insurance?

It involves managing your insurance policies (life, health, etc.) electronically in a secure online account known as an e-Insurance Account (EIA).

Why is it good?

View the policy, download, and manage all policies in one location.

There is a less risk of document loss as compared to physical copies.

Once you update details in your EIA, they will be reflected across all associated policies.

Easily keep track of policy information and renewal dates.


The Insurance Regulatory and Development Authority of India (Irdai) has issued the "Protection of Policyholder Interest" Regulation 2024, which will take effect on April 1, 2024. This legislation requires that all insurance policies be converted to electronic format. In an e-mail conversation with Business Standard, Vivek Bengani, CEO of CAMS Repository, discusses the ramifications of e-insurance, covering topics ranging from operational security to the fight against scammers.


1. Is having an e-insurance coverage mandatory for all policyholders?

"All insurance must now be issued electronically, regardless of application method. "This not only gives convenience but also significantly enhances the security and management of policyholder portfolios," he said. He stated that the majority of private life insurance businesses and non-life insurers have adopted the electronic Insurance Account (eIA) method, aggressively pushing clients to digitize their policy holdings.

2. Several customers have reported receiving emails from PolicyGenie through CAMS Repository including personal information such as PAN, name and phone number. Can you validate the legitimacy of these communications and advise on what action needed ?

In response to growing worries about email scams, Bengani informs policyholders that "The emails from PolicyGenie by CAMS Repository are part of our efforts to onboard policyholders onto the eIA platform, strictly adhering to the communication protocol defined by Irdai." Our comprehensive security mechanism secures customer data at all times.

3. What are the red flags of a fake email? What should individuals do to secure their data?

As an Insurance Repository, CAMS Rep will never send any sales or marketing communications to eIA holders that encourage them to buy insurance or pay money. The policyholder receives no price for eIA or basic services. CAMS Rep (or any IR) is responsible for maintaining policies in digital format and assisting clients in getting the most out of their insurance portfolio. We do not phone our consumers to request personal information.

If consumers see any deviations from these standards, they can and should notify us promptly via our hotline or support email. CAMS Rep keeps complete records of all messages made to its customers, and Irdai audits it on a regular basis to verify that security criteria are met.

4. What are the main benefits of switching from paper-based to e-insurance policies?

The shift to e-insurance is more than just a digital conversion; it is also about considerably enhancing the policyholder experience. Bengani goes on to say, "Holding an e-policy provides unmatched security and the convenience of managing an entire insurance portfolio in one place."

"We've observed several cases when policyholders migrate out of India and find this approach quite useful. Many insurers were able to communicate with their policyholders and settle unclaimed sums because they could discover current contact information through eIA," he stated.

5. How does consolidating insurance policies into an e-insurance account help policyholders manage and oversee their coverage?

Consolidating insurance policies into a single e-insurance account provides consumers with hitherto impossible levels of administration and management. "Our platform, Bima Central, is evidence of the ease of use and management it offers to policyholders," he says.

Our 7 million consumers will have access to Bima Central, the first-ever consolidated and aggregated benefit realisation platform. It enables eIA holders to check their aggregated benefits (across policies), renew policies, and update nominees and bank accounts for their policies in real time with insurers. As more insurers join the platform, additional use cases like as policy loans, premium finance, and claim readiness are added," he explained.

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