Even today, there are millions of policyholders in India struggling to keep track of their insurance documents. Physical policies often get misplaced, updating nominee details becomes tedious, and servicing requests often involve long waits and paperwork. When multiple life and health insurance policies are involved, the situation becomes even more overwhelming, leading to confusion, missed renewals, and delays in claims.

To provide streamlined services to insurance policyholders, the Insurance Regulatory and Development Authority (IRDA) introduced the Insurance Repository System. In this blog, we will discuss the IRDAI-registered/authorized insurance repositories in India and how they work.

What is an Insurance Repository?

Insurance repositories are always formed and registered under the Companies Act, 1956. The Insurance Regulatory and Development Authority of India has certified these companies to maintain insured policy data electronically on behalf of the insurers. 

Role and Responsibilities of Insurance Repositories

  • Allows holding of insurance policies in an electronic format.
  • One-stop solution for all types of insurance needs.
  • Enable policyholders to make changes to their policies regarding speed and accuracy.
  • More transparency and efficiency in maintenance and issuance of insurance policies.

List of  IRDAI-registered/authorised insurance repositories in India

There are currently four authorized insurance repositories in India — NSDL (NDML / NSDL NIR), CDSL (CIRL), Karvy (KINREP), and CAMS. Earlier, there were five repositories, including SHCIL, which is why some older sources and articles may show different information.

National Insurance Repository (NSDL)

As per IRDAI’s approval, “NSDL National Insurance Repository (NIR), operated by NSDL Database Management Limited (NDML), can access all types of insurance policies in digital format under a single e-Insurance Account (eIA).

Steps to open an NSDL account

  • Fill out the online e-insurance form to initiate the account-opening process.
  • Along with the form, attach the KYC documents, including address proof, identity proof, and date of birth proof.
  • One can submit the form along with the documents to a nearby branch of an insurance company from which you hold a policy.
  • The Approved Person or the insurance company will verify your documents.
  • After successful verification, the insurance repository will open an eIA and provide you with the login ID and password.
  • You can access your account by entering your credentials (Login ID and password).

CDSL Insurance Repository Limited (CIRL)

It is a public limited company that offers insurance repository services by holding your insurance policies in electronic form. The best part about opening an account with this repository is that you can make changes to your E-Insurance account when required.

Steps to open a CDSL Account

  • You have to choose an approved person near your location.
  • Once the selection is complete, you will be redirected to an informative page with details about your Approved Person.
  • Download the e-insurance account opening form.
  • Fill out the form and attach the KYC documents.
  • Submit the form and the documents to the Approved Person.
  • The CDSL will create your account and enable you to create a password of your choice upon verifying your details.

Karvy Insurance Repository Limited

This insurance repository promotes green, paperless insurance by enabling fully digital e-insurance account opening. It also allows you to manage nominees and submit servicing requests online, making the entire process faster, easier, and environmentally friendly.

Steps to open an account

  • You have to click on the ‘Apply online’ link located at the top of the homepage.
  • Enter your name, email, mobile number, Aadhaar, and PAN details in the required fields.
  • The next step, uploading the required documents. After submission of all details, the insurance repository will open your account.
  • Once all the necessary details are submitted, you can access your account online and make changes as per your wishes.

CAMS Insurance Repository Services Limited

The CAMS insurance repository enables the digitisation of your insurance policies, making policy storage safe and paperless. It also allows you to manage nominees, submit servicing requests, and request policy changes or updates online, ensuring quick and hassle-free policy management from one unified platform.

Steps to Open a CAMS Account

  • You can either register via PAN or Aadhaar details.
  • Then share your mobile number or email ID in the next step.
  • Upload your KYC documents.
  • Finally, the repository will open your account and allow you easy access.

Benefits of Holding an E-Insurance Account (eIA) with the Best Insurance Repository 

  1. Protection - Due to access to the digital storage of your policies, there is no risk of misplacing or losing physical documents. Insurance repositories offer insurance policyholders secure storage and seamless accessibility, ensuring the complete safety of their policy records.
  2. Convenience - Once you have an e-Insurance Account (eIA), you can log in anytime to manage your policies from anywhere in the world. You can also easily update or make modifications to the existing insurance details with ease.
  3. Paperless Experience - Opening an account with any authorised insurance repository offers you the benefit of storing all your health insurance policies digitally. This eliminates the burden of maintaining physical paperwork and simplifies document management.
  4. User-Friendly - An eIA saves you from the hassle of in-person visiting of the branches or waiting in queues for service requests. You can view your policy details and make updates online through the repository portal. The account setup process is simple, quick, and highly user-friendly.

Final Word

In the evolving landscape of Indian insurance, using an e-Insurance Account via an IRDAI-authorised repository is more than just a convenience; it’s quickly becoming the standard for smart, secure, and efficient policy management. Whether you’re planning to buy a health policy for yourself or helping clients manage multiple policies (health, life, motor, etc.), a repository-based eIA brings transparency, ease, and peace of mind in your life.