IRDAI asks to link Aadhar with Insurance Policies
The Insurance Regulatory and Development Authority of India (IRDAI) have made it mandatory to link Aadhar card with the existing policies for buying new policies. Earlier the reserve Bank of India had already made Aadhar card mandatory to obtain certain benefits. Now it is the IRDAI that has also gone forward with this initiative.
Important things to note
- “Statutory force”: IRDA has given strict instructions that one must link their Aadhar card with their existing policies without waiting for instructions any longer.
- It will create a unified platform: This process will help IRDAI to maintain records of the beneficiaries and will make their task of handling faster and easier.
- Transparency assured: Aadhar link will give a basic transparency to the accounts of the beneficiaries and they can be directly held as KYC forms for future references.
- Promote digitized governance: This process will help push the government’s digitization agenda forward as it will create a central server of all the data available on the beneficiary.
- Streamlining KYC: The IRDAI has specially mentioned that it will help them streamline the KYC process in future and foresee and overcome any frauds related to insurance claims.
- Both life and general insurance: This statement is for both general as well as life insurance policies and the same goes for all LIC policy holders.
What you have to do?
You will have to link your Aadhar number with the current insurance policies that you have availed. Also you will have to comply with the norms. Here are a few things you should accustom yourself to –
- Form 60: The IRDAI has especially mentioned that you have to link your Aadhar card in Form 60. So what is Form 60? It is basically a form which has to be filled by those who don’t have their PAN.
- PAN holders: If you already have a permanent account number then you just need to add your number to all your existing insurance policies.
Things to know
- There are 33 general insurance providers and 24 life insurance companies under IRDAI. The list is provided here – https://www.irdai.gov.in/ADMINCMS/cms/NormalData_Layout.aspx?page=PageNo129&mid=3.1.9. If your insurance company falls under this list you will have to start linking your Aadhar to your policies.
- The IRDAI has dispersed this notice on behalf of the Parliament to ensure that the account users are safe from threat and that the interest of policyholders is fulfilled.
- There are 10 members in the IRDAI committee out of which there are 4 part time members, 5 full time members and 1 chairman. This decision has been declared under their supervision.
- The rule of linking the Aadhar with the policies was into effect since June 1, 2017, when the Central Government had rolled out the Second Amendment Rule, 2017.
- In this rule, the government stated that maintaining a record was mandatory and this is why Aadhar link to policies became crucial.
As of now, the IRDAI has not come up with a portal whereby you can link the insurance policies directly with the Aadhar. Also, there is no deadline declared by the authority. Soon both shall be declared and then you must start linking the same with your policies. You can also visit your nearest insurance office for more details.
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