Insurance Repository

An Insurance Repository is an IRDAI-licensed entity that holds insurance policies in electronic form, allowing the policyholder to maintain all their policies from different insurers in a single digital account — referred to as an e-Insurance Account (eIA). The repository system was launched by IRDAI in 2013, with currently four licensed repositories operating in India. The architecture is similar to the depository system in capital markets — a central, regulated entity holds the records, and the policyholder accesses the holdings through an account, with policy issuance, renewal, claim intimation, and nominee changes flowing through the same digital channel.

The benefits to the policyholder are several. First, all policies in one place, eliminating the loss of physical documents at home. Second, unified KYC across insurers — once verified at the repository, the same KYC is applied to subsequent policies, reducing paperwork.

Third, simpler nominee updates and address changes through a single repository request rather than separate requests to each insurer. Fourth, a consolidated view that helps the policyholder periodically review total cover and identify gaps or duplication. Fifth, a single point of access for nominees in the event of a claim — one repository call instead of hunting through filing cabinets.

Worked example: Vivek opens an e-Insurance Account with one of the licensed repositories at no cost. He requests the repository to bring his existing policies into the account — a term plan from one insurer, two health policies from two other insurers, a motor policy, and an endowment policy from his father's days. Within four to six weeks, all five policies are visible in his eIA.

When he buys a new term plan in 2026, he selects 'issue in repository form' on the proposal, and the policy auto-credits to his eIA without any physical document. When his daughter is born in 2027, he updates the nominee on his term plan through a single eIA request, and the change reflects across the insurer's records simultaneously. A common misconception is that 'a repository policy is different from a regular policy'.

It is not — the policy contract, the cover, the premium, the claim mechanic are all identical. The repository is a custody and access layer, not a separate product. Another common misconception is that 'opening an eIA costs money'.

It does not — IRDAI mandates that the eIA opening and ongoing maintenance be free to the policyholder; the insurer pays the repository per policy held. Open an eIA, consolidate your existing policies, and use it as the central record for your household's insurance footprint. Related: bima-sugam, irdai, iib.