Linking Aadhaar with insurance policy mandatory
“While there may be some short term challenges to overcome, we see significant long term benefits in terms of preventing frauds and streamlining the KYC process,” he said.
Linking Aadhaar with your insurance policy is mandatory. The insurance regulator, IRDAI also asked insurers to comply with the statutory norms.
The Authority clarifies that, linkage of Aadhaar number to insurance policies is mandatory under the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017," the Insurance Regulatory and Development Authority of India (IRDAI) said.
The government in June had notified the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhaar and PAN/Form 60 mandatory for availing financial services including insurance and also for linking the existing policies with the same.
Communication to all life and general insurance companies, IRDAI said the rules have "statutory force" and as such they have to implement them without awaiting further instructions.
Commenting on the communication, ICICI Lombard MD and CEO Bhargav Dasgupta said it was a progressive and logical step towards creating a unified platform for financial services and at the same time promote the government's digitisation agenda.
"While
there
may
be
some
short
term
challenges
to
overcome,
we
see
significant
long
term
benefits
in
terms
of
preventing
frauds
and
streamlining
the
KYC
process,"
he
said.
There
are
24
life
insurance
companies
and
33
general
insurers
(including
standalone
health
insurers)
operating
in
the
country.
OneIndia News