Electronic Insurance and Insurance – eIA is the abbreviation of Electronic Insurance account and it is the collection of insurance policies of a policyholder that is handled in an electronic form with an insurance safe. And electronic insurance is known as electronic equipment insurance (EEI).
This is the insurance that funds the cost of repair or the replacement of electronic devices such as smartphones, game consoles, televisions, and computers if they are damaged. If the electronic device is having issues, it would definitely affect the work and that would lead to a loss in business or financial loss. In order to avoid that loss, this is where electronic insurance is important as it covers the issues related to electronics.
Electronic Insurance Account
Electronic Insurance Account (eIA) is a portfolio of insurance policies or document that shows evidence for the policies that guides the decision of the sponsor or policyholder and it is kept in an electronic form with an insurance repository.
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What is an Insurance Repository?
An insurance repository is like a storehouse where all your insurance data are stored. Insurance Repository was formed and registered under the Companies Act, of 1956 and it is licensed by the Insurance Regulatory and Development Authority (IRDA). One of the roles of the Insurance Repository (IR) is that it helps to maintain the data of the insurance policy in an electronic form on behalf of insurers. And it is easily accessible for the policyholders when necessary or needed.
How to get started with an Electronic Insurance Account?
To get started with the electronic insurance account, you have to follow the steps below:
- Download the eIA opening form of an insurance repository of your choice.
- Complete the form by filling in every piece of information that is shown to you.
- After completing the form, you submit the form with every original copy of your document to any insurance repository.
After you have successfully completed your form, your account would be ready within 7 days from the day of submission.
In order to know if your eIA has been successfully created, NIR would send an SMS and email to the applicant with the information of the 13-digit eIA number. There is a welcome kit that includes the client master, eIA brochure, the login id, and the password (all this would be sent if it was not sent online).
What is the document required to be able to open an eIA account?
There are documents that are required and important to open the eIA account. You would need the following:
- A latest passport-size colored photograph.
- A personal legal document like your pan card, voter ID card, etc.
Are there different types of Insurance repositories?
The answer is yes, we have different types of insurance repositories. You could choose one of these repositories to store your insurance policy. And there are:
- NSDL National Insurance Repository (NIR).:
- CDSL Insurance Repository Limited.
- Karvy Insurance Repository Limited.
- CAMS Insurance Repository Services Limited.
Benefits of electronic insurance account
There are benefits you get to achieve when you are registered with an electronic insurance account and there are:
- Opening or registering an electronic insurance account is actually free and stressless.
- With an Electronic insurance account, you get to drop personal information just once and don’t need to drop it every time.
- With the electronic insurance account, you do not need any physical documents that show evidence of your insurance.
- You get to monitor all your activities on the life insurance policies with one account.
- If there be any changes related to the insurance it automatically gets updated on your account.
Can I get insurance for any electronic?
Well, the answer is yes, as the insurance provides or offers more safety for your electronics than a manufacturer’s warranty. With insurance, you get to be safe from accidents and even natural disasters. You get to insure any of your electronic devices even down to your phone could be insured for safety purposes. You could also ensure your laptop and computer are safe with insurance.
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Are there benefits of electronic insurance?
There are benefits of electronic insurance and one of the main benefits is that it helps to keep all your policy-related documents at a particular location and you get easy access to all of them from one account and helps you to keep track of your insurance policy and also access them easily.
Frequently Asked Questions
What is the insurance for iPhone called?
The insurance for iPhone is called AppleCare+ and it includes unlimited incidents of accidental damage protection. Every incident answers to a service fee and also an applicable tax. In addition, you get an express replacement service and 24/7 access to Apple experts on the phone or through chat.
Is insurance for a laptop available?
The insurance for laptops offers very detailed coverage for laptop devices from every kind of risk that might happen. The risk may include theft, fire, and other related accidental damage and even electrical and mechanical breakdown. It reduces costs when it comes to heavy repair or replacement expenses.
What is the insurance for software?
The insurance for software is the software developer insurance and it covers the expenses of a coding error when taken to court and helps you bounce back from issues in your software business. Helps you to recover from accidents and injuries.
Can insurance recover a lost laptop?
The good news is that it is very possible with the aid of the renter’s insurance and the homeowner’s insurance. With the aid of those two insurances, the laptop is protected from the dangers that are listed in your policy and some of those dangers are vandalism, theft, and fire.
What is the insurance that covers computers called?
The insurance for computers is called an electronic data processing insurance policy. It is the policy that covers the replacement or repair cost of the computer equipment. Your computer could be insured for the actual cash value and it is to repay for the current value of the item which is also the depreciated value.