Streamlining Insurance: Converting Physical Policies to Electronic Format for Convenience and Accessibility

While it is not mandatory for individuals with existing physical insurance policies to convert them into electronic format, doing so significantly enhances convenience and accessibility when managing insurance portfolios. With digital transformation reshaping the insurance sector, storing policies electronically ensures secure, fast, and organized access whenever required.

📌 IRDAI’s New Mandate

The Insurance Regulatory and Development Authority of India (IRDAI) has mandated that all new insurance policies issued from April 1, 2024 be issued in electronic form. Physical copies are available only upon specific request. This aligns the insurance sector with modern digital practices, much like how shares are stored in a demat account.

📘 What is an e-Insurance Account (eIA)?

Just like a demat account for holding securities, an e-Insurance Account (eIA) allows policyholders to digitally store and manage all their insurance documents in one place. Every policy—life, health, motor, or general insurance—can be securely stored and accessed through this single account.

✨ Benefits of Converting to e-Insurance

• Convenient access to policies anytime, anywhere.
• Safe storage with reduced risk of loss, theft, or damage.
• Streamlined communication between insurer and policyholder.
• Faster and smoother claim settlement.
• All policies accessible under one e-Insurance Account.
• No need to keep track of multiple physical documents.

🔄 How to Convert Your Physical Policies to Electronic Format

1. Fill the Conversion Form

Policyholders must complete the conversion form with details such as:

• Policyholder name
• Policy number
• e-Insurance Account (eIA) number
• Insurance company name

2. Submit the Form

Submit the completed conversion form along with the eIA opening form to:

• Your insurance company branch
• An approved service provider or intermediary

3. Receive Confirmation

After successful processing, policyholders receive SMS and email confirmation. Note: Once converted, the physical policy certificate becomes invalid.

🆓 No Charges for Conversion

Both opening an eIA and converting physical policies into electronic format are completely free of cost.

📝 How to Open an e-Insurance Account (eIA)

To begin, download the eIA form from your chosen insurance repository and submit it along with:

• Recent passport-size photograph
• PAN card
• Proof of date of birth
• Identity proof (Aadhaar, voter ID, etc.)
• Address proof

After submission, the application undergoes verification. Your eIA becomes active within 7 working days.

🏁 Conclusion

The shift toward digital insurance documentation marks a major step in modernizing India’s insurance sector. Converting physical policies to electronic format not only enhances accessibility and safety but also streamlines communication and claims handling. With no charges and an easy conversion process, policyholders are encouraged to take advantage of this digital transformation for a smoother and more secure insurance experience.