Insurance Policies Must Be Linked With Aadhaar: five Things to Know

By
Discountwalas
-
48
1531

Insurance Policies Must Be Linked With Aadhaar: five Things to Know

“For obtaining financial services including insurance, its mandatory to have Aadhaar and PAN/Form 60”,said IRDAI.



It is mandatory to link Insurance policies with Aadhaar. Insurance Regulatory and Development Authority of India (IRDAI) said this.Being already compulsory for many essential tasks, it is required to link insurance policies also with Aadhaar card. The Insurance regulator IRDAI requested general and Life insurers, to implement this rule without waiting for further instructions. In a statement dated 8 November 2017, the regulator mentioned that insurance policy-Aadhaar linkage is compulsory as per the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017. IRDA said, “Statutory force is there with these rules and hence, life and general insurers (including standalone health insurers) need to implement these without waiting for further instructions”. Customers are being asked by many insurance companies to update their KYC details plus PAN and Aadhaar.

- Advertisement -

Five facts related to Aadhaar card-insurance policies linkage are:

IRDAI mentioned that it is mandatory to have Aadhaar and PAN/Form 60 in order to obtain financial services including insurance. Those who do not own a PAN (Permanent Account Number) card, require submitting form 60/61 for those transactions where it is mandatory to quote PAN.

IRDAI said, “Gazette notification by Central Government dated June 1st 2017 mentioned the Prevention of Money-laundering Second Amendment Rules (Maintenance of Records), 2017 which makes Aadhaar and PAN/Form 60 compulsory in order to avail financial services along with Insurance and also to link the prevailing policies”.

It has been clarified by IRDAI that the Aadhaar linkage rule is validfor general insurance companies together with individual health insurers and life insurance companies.



IRDAI, established by Parliament’s act that ensure fair treatment to and protects the interest of policyholders, involves 10 members –5 full-time members, 4 part-time members and a chairperson.

24 life insurance companies are there and 33 general insurers (together with individual health insurers) are operational in India.



- Advertisement -

RELATED ARTICLESMORE FROM AUTHOR

48 COMMENTS

  1. Banks & Insurance companies are a sort of trade. They are no imparting any direct any beneficiary yo public. You put your money , he rotates for giving loans etc and and pays a meager interest. But this Aadhaar put in a grear ordeal. in Banking, Yelecom Services etc.

    This has caused the public a lot of irritation ,Public are really revolted.

    • Let me make it very clear that I am not a Modi Bhakt, but linking “Aadhar” with every thing that relates to money directly or indirectly is a very good move. It may be trouble some for first few days, some thing like teething trouble, but will be very usefull in long run.

  4. Please explain in simple words , how to link the Aadhar No with my LIC policies , taken from different branches. of LIC.
    Jyotsna Kankan

    • You can visit any LIC branch,fill in details of all policies you hold and give a self attested copy of your adhar.(may be write your policy number on the space in your adhar copy itself)
      You can update adhar in your LIC web portal too if you have registered with your policies.

  5. My son stays abroad and is not able to make his Aadhaar card. He has a few insurance policies.
    How can he generate his Aadhaar and link it to his policies.

  14. Please provide app so that policy holder may enroll his aadhar him self. Because there is no staff force in Lic to enroll 22 core policies. Please consider matter with fresh mind.

  15. my daughter and son-in-law are employed abroad and are not having Aadhar Card, but they have few Life Insurance policies and also normal savings bank accounts. My questions –
    1. Can a NRI apply for Aadhar Card
    2. What is the fate of normal SB Accounts and LIC policies, PPF accounts of the NRIs, which were puchased /opened prior to becoming NRI.

    Pl comment

    • NRIs are not allowed to have aadhar card. Only residents including foreigners are permitted.
      Further,NRIs are not supposed to have resident bank accounts and PPF.
      Please either close these accounts or inform the bank that you have become NRI now.
      The banks will designate your ordinary account as NRO account and Amount in PPF will continue to earn interest till maturity but you cannot add fresh funds or renew the same.
      LIC and mediclaim policies- inform the institute that you have become NRI and do not need an aadhaar card.
      It is not clear that what they will do with the policies as if you are a permanent resident of a foreign country then these policies ate likely to lapse as these r essentially meant for resident Indians.
      The best is go to india, make an aadhaar card and link all that the govt says.
      It will save a lot of hassles as how many places will you keep on proving that u r an NRI and do not need aadhaar card.
      I do hope that the govt links voter card with aadhaar first.

  16. With the issuing of Notice, govt should guide us step by step that how we do link our adhar to multiple Insurance policies. Whether we do it on-line or off-line. That should be specifically mention step by step so that we can do the job from our end. Please guide us.

  17. PAN is being made mandatory..Which is linked to adhar anyway.dono why we are being made undergo repeated trouble.government want to make their presence felt..Or to show people feel they are working?
    Dono why repeatedly same tasks..Can’t they have one unified database?

  23. When receiving link to Aadhaar to life insurance policies the link was not responding properly and quickly and it is saying server is down/slow please try later for generating OTP and in some cases it not showing capitulary number at all but showing mark as please fill capitulars number.

    How it possible to link Aadhaar for several policies if we had ? Possible alternative link/site etc should be introduce immediately. As the Dec 31st is the last date for link.

  24. I am paying LIC Premium of Rs.4,000/-p a for my Son who is working with U S based Co. Before the
    Proposal of AADHAAR he’s residing in U S. He will Be coming to India not earlier to June 2018. Now
    What I should do to link his Aadhaar to LIC? Pl explain.

  28. I have been trying to link aadhar with my P&G policies where group numbers are given. I am retired and have no access to my previous employers. Please guide.

LEAVE A REPLY

Please enter your comment!
Please enter your name here