What is the full form of EIA in Insurance?
The EIA full form in insurance is an e-Insurance Account. This e-insurance account allows policyholders to access their life insurance portfolio with a few clicks. The IRDAI has granted this certificate of registration to the Central Insurance Repository Limited, NSDL Database Management Limited, and the CAMS repository service to act as insurance repositories and open EIA.
Benefits of EIA:
With the advent of the e-insurance account, insurance companies will no longer require physical policy documents. They will be able to manage all of their life insurance policies using a single account. Changes made in the contact details can get auto-updated in all of the policy documents across all life insurers. Above all, opening EIA is free of cost.
Documents required to apply for EIA:
The documents that are required to apply for an e-Insurance account are PAN, proof of address, identification proof, and date of birth proof. This account is offered free of cost to all the applicants and there are no charges levied to the individual for opening the eIA account. It is also absolutely free to maintain the account and change the details on the eIA.