Benefits of Holding an E-Insurance Policy

Because of the demonetization of Rs. 500 and Rs. 1,000 currency notes and its after-effects, people have understood the value and benefits of the digital money, NEFT transactions, digital wallets, and Debit/Credit card transactions. This article will help you to understand the benefits of holding an e-insurance account.

If you want to buy health insurance, you can check out the insurance plans offered by Bajaj Allianz health insurance.

What Is E-insurance?

E-insurance account is an online account just like a Demat account. It helps you in storing your documents related to insurance plan in a digital so that it is safer to access whenever you need. It functions the same way as a bank account does. Transactions details, information, and documents related to all your insurance plans would be stored in one place. The policy related information such as the date of issue, policyholders’ address, policy maturity status, nominee details, and policy terms and conditions etc. can be easily accessed. In case you wish to download a copy of your insurance policy, you can easily do that.

Benefits of Holding an E-insurance Policy

  1. Cost Efficient

If an individual
buys an insurance plan online he gets to save money as he doesn’t have to pay any commission to any insurance agent as there is no insurance agent/broker involved. This makes buying insurance online very cost-efficient. You can buy your preferred insurance plan offered by your preferred insurance provider and be safe and protected.

The best thing about holding an e-insurance account is that the cost involved with the transition of the paper-based insurance plans in the digital format would be borne by the insurance providers. Policyholders don’t have to spend a single penny from your pocket in order to be benefitted by an e-insurance account.

2. Convenience

With the help of an e-insurance account, your insurance instruments such as medical insurance plan policy, pension plan, investment plan etc. are stored in a single platform. An e-insurance account provides you the access to all your policies wherever and whenever you need.

Having a paper-based insurance policy is inconvenient. There is a risk of policy damage and loss. When it comes to e-insurance policy, the documents related to the plan are safe and protective.

At the time of purchasing a fresh insurance plan, you don’t have to go through the KYC verification process again, until or unless you need to make changes in the KYC details provided by you. All you need is mentioning your e-insurance account number, it will be sufficient for the purchase of a new insurance plan.

  1. Eco-friendly

An e-insurance account has all the documents in the digital form. There is no requirement of physical documents. It is eco-friendly as no paper is used. It means there are no trees cut in order to meet the paper requirement. It is a great step as it conserves precious natural resources.

Now you know the benefits associated with holding an e-insurance account. The world is going digital, why should you lag behind?


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