How to Make all Insurance Policies Payment from One E-Insurance Account

No More Late Payments: Why One Control Interface Is a Revolution

Like most people, you probably have an insurance portfolio that resembles a haphazard filing system. You have a life policy with one company, a health plan with another, and vehicle insurance with yet another. This means various due dates for premiums, different portals for logins, and that nagging worry about a payment that can lead to a policy lapse.

Through my experience in the realm of insurance, this administrative hassle is the number one complaint from policyholders who are more inclined towards advanced technology. You can manage all your stocks, mutual funds and even your bank accounts from a single application, why not your insurance?

The good news is that you can. The e-Insurance Account (eIA) is the answer.

An e-Insurance account is not simply a digital folder containing PDFs. It is an IRDAI-approved e-Insurance account which is a valuable, safeguarded, and free service that serves as a focal point for all of your policies. It is the first step to making your financial life easier. You’ve got all your policies scattered all over the place and multiple logins. Managing all your policies and payments is a breeze. This clear and detailed e-book will focus on what an eIA is, how to open e-Insurance account, and the most critical part on how to manage insurance policies online including making payments of all your premiums from one secure and single dashboard.

What is an e-Insurance Account (eIA)?

An eIA is supported by the Insurance Regulatory and Development Authority of India (IRDAI)- authorised “Insurance Repositories” (IRs) which offer free electronic accounts. A good example is Centrico Insurance Repository Limited (CIRL) which is licensed by the IRDAI to service policyholders.

Having an electronic Insurance Account (eIA) enables you to receive an account number. From that day on, all new policies that you purchase can be issued in an electronic or “dematerialized” form. You may also wish to convert physical insurance policies, dematerialize them whichever and dematerialize and link to this one account.

Why an eIA is More Than Just a “Digital Locker”?

An eIA is often thought to be a folder containing all policies that can be accessed digitally. This is a misconception. The true value lies in the accompanying service features.

• Single Source of Truth: It serves as a repository for all your policies from different insurance companies in one place: life, health, motor, travel, etc.
• Ultimate Convenience: Paperless policies are more valuable. In your absence, the nominee or family can access all the relevant policies from a single login, ensuring the benefits are collected.
• Time-efficient System: Did you shift from one region to another and also change your mobile number? You only need to change the data in the eIA portal. The Insurance Representative (IR) like Centrico Insurance Repository Limited (CIRL) will inform all the insurance companies where your policies are linked. This saves a great deal of time.
• Improved Security: The risk of losing, misplacing, theft or destruction of the physical policy documents is removed. Secure digital policies are more valuable and kept in the locked digital formats.

The Core Solution: Consolidated Premium Payments Explained

If you wanted to learn more about how to pay all your premiums with a single transaction, you could look at my eIA account.

Let us set the record straight. An eIA account is not a bank account. While it does not store money, it enables smart central management, organizing payments, and eIA-linked services.

Let us explain how it works.

1. Consolidation Dashboard: After the eIA policies are integrated into your eIA, the portal accesses real-time data about your insurances from all the insurers. Aside from a still image of a document, you are able to magnetize data from real-time information.
2. Premium Calendar: An integrated “Premium Calendar” is formulated, and other “Upcoming Payments” are organized. From a calendar snapshot, you can see your car insurance is due the 5th, health insurance the 19th and life insurance the 28th.
3. Payments Integration: Insurance Repositories are connected to consolidated payment gateways, which is how the eIA account “magic” works. There are brokers which use the Bharat Bill Payment System; all insurance companies in India can be paid through a single interface.

Let us explain using Mr. Sharma. As a policyholder, he has:

Term life policy from Insurer A.

The family health policy is assigned to insurer B, and car insurance goes to insurer C. 

The Old Way: Mr. Sharma has to identify and tackle the set of different portals and due dates on three distinct policies and payment methods, all while ensuring that none of the policies are in abandonment or expiry. 

The eIA Way: Mr. Sharma has a single interface that lets him log into all three accounts of insurances. 

• Mr. Sharma’s dashboard has all three policies listed, and he does not have to spend any time searching. 
• Mr. Sharma goes to the Pay Premium page and sees all three policies with their due dates and amounts. 
• Mr. Sharma selects the Pay option to easily and conveniently access his car insurance policy. After submission of the payment as Mr. Sharma walks through the payment gateway, he is able to set up his PIN on a secure server. 
• Before logging in and repeating the previous action with his health plan, he waits a time span of 2 weeks. 

All payments and policy management is done through a single dashboard which is the easiest and best way to manage insurance accounts.

Step-by-Step Guide: How to Open Your e-Insurance Account

To get the account set up, it will be done in a manner that will take the least time while finishing the task as fast as possible.

Step 1: Choose Your Insurance Repository (IR)

First, you need to select one of the IRDAI-approved Insurance Repositories. It’s important to note that you can only have ONE e-Insurance Account. All your policies, regardless of the insurer, will be linked to this single account. 

Prominent IRs, such as Centrico Insurance Repository Limited (CIRL), offer user-friendly platforms to get started. 

Step 2: Begin the e-Insurance Account Opening Online Process 

This is a simple sign-up. 

• Visit the website of your chosen IR. 
• Look for the ‘Create eIA’ or ‘Open Free e-Insurance Account’ button. 
• You’ll typically start by verifying your mobile number with OTP and setting up a password. 

Step 3: Complete Your e-KYC (Know Your Customer) 

Initially, you are not and have to complete your e-KYC to fulfil IRDAI security obligations. This is a standardized and secure. To do this you will need: 

• PAN Card: This is mandatory.  For proof of identity, easy if you have enable Digilocker.

Or

• Aadhaar Card: For proof of Address and Identity both. This is used for quick verification via OTP. 

Most platforms have integrated with services like Digi locker to ease this step. You authenticate with your Aadhaar, and your KYC is completed in real time as your name, address and photo are securely fetched.

Step 4: Setting Up Your eIA Number

After verifying e-KYC you are opened an account and assigned an exclusively your account number with 13 digits right away. Excellent! You are now capable of online management of policies.

The Most Important Step: Mapping Your Policies

The eIA account lies dormant and stagnant just like an empty bank account. The goal is to “map” or “link” your policies to this account.

Mapping of Policies and Insurance

For New Policies: This section is really basic. The next time you are in the business of acquisition of any insurance policies whether Life of Health or even motor you will find with you a proposal form which has a section for you to fill your “e-insurance Account Number“. You just fill in your number, and your provider will place and underwrite the policy directly in the eIA you have.

For Existing Policies: The policies which are in print format and physical will have to go through some sort of a ‘conversion’ process.

• Within the eIA portal for example the CIRL portal you will log in
• Look for Convert Policy or Map Policy
• You will have to pop in the information: Insurer’s Name with Policy Number.
• Submit the Request: Your IR will send this request to the insurance company on your behalf and in a secured environment. After confirming your identity as the policyholder, the insurer electronically “credits” the policy to your eIA.

Expert Tip: This process of electronically mapping existing policies is not instantaneous. Depending on how fast the insurer is, this verification process could take anywhere from a few days to a couple of weeks. For policy mapping, it is prudent to start after the eIA is created, as this will allow policies to be stored in one place for later retrieval.

The Final “How-To” is: Paying All Premiums from Your Dashboard.

Once your mapped policies are visible on your dashboard, you can then start using the consolidated payment feature.

This is the process and steps you are to follow:

1. Log In to Your eIA: Your e-Insurance Account will be accessible using your secured credentials.
2. Go to the Payment Tab: Premium Payments, Premium Calendar, or Pay Premium are the terms used to label this section.
3. View Your Consolidated List: All mapped policies will be accessible from this point. The Insurer, Policy Number, Premium Amount, and Due Date will each be easily visible on the dashboard.
4. Select a Policy to Pay: Click the “Pay Now” button corresponding to the policy whose premium is overdue. 
5. Authorize the Payment: The portal will directly secure to a payment system portal (like the “Bharat Connect” service which Centrico Insurance Repository Limited (CIRL) has mentioned). This payment system is integrated with the Bharat Bill Payment System (BBPS). 
6. Choose Your Payment Method: As standard you will be given UPI, Credit Card, Debit Card and Net Banking. 
7. Complete the Transaction: Provide the requested information (UPI PIN or card CVV) and approve the payment. The payment is directly sent to the insurance company’s account. The eIA acts as the intermediary facilitator. 
8. Get Instant Confirmation: Immediately after the payment is completed, the premium receipt will be generated and saved in the account for future reference. Furthermore, the eIA dashboard will be updated to indicate the policy has been paid. 

You can repeat this process for every single policy you own, all from the same login. 

Conclusion:

The e- Insurance account is a powerful instrument introduced to the policy holders by the IRDAI. It empowers them as they can shift the power from numerous documents and complex portals to just one screen.

Consolidating all your insurance policies into one eIA does not simply mean putting policies into a storage cabinet digitally. You are also obtaining an eIA that manages policies actively and offers a KYP service, aids in grievance settlements, and above all, makes sure that payment of premiums is never missed again.  All the frustration that stems from managing multiple insurance policies is now a thing of the past. The emerging new standard will be a singular, intelligent, and fully consolidated dashboard. Take The First Step Today to Open Free e-Insurance Account by registering with an authorized provider to unify all your insurance policies under one umbrella.