W2WIB has currently tied up with Central Insurance Repository Limited (CIRL) to provide policyholders a facility to keep insurance policies in electronic form.
Services
Services currently include opening of a
- Electronic Insurance Account [eIA]
- Credit of new policies [Currently Life]
- Demat of existing policies
Benefits
eIA offers the following benefits to the policyholder
- All type of policies under a single account
- Easy access to policy holding details at a click of a button
- No fear of loss/misplacement/damaged policy document
- Existing physical policies can be added
- System will keep track & history of premiums/renewals/claims etc
- Consolidated Reminder on Premium Payments, Payouts etc.
- One Claim notification for multiple policies held by the policyholder with different insurance companies
- eIA holders will receive their policy benefits electronically
Account Opening
The process for opening eIA is as follows
- eIA account opened in the name of proposer of policy
- eIA account opened with new policy submission
- PAN / UID mandatory for account opening
- Common KYC to be performed for eIA
- One single account across all IRs