Economy

Now, linking Aadhaar with insurance policy mandatory

Now, linking Aadhaar with insurance policy mandatory”

Says Joydeep Roy, Leader-Insurance practice, PwC: "Insurance companies now have to rethink their strategies from customer-interface as well as from the distribution side".

Irda said that life and general insurers including standalone health insurers have to link Aadhaar number issued by the Unique Identification Authority of India with insurance policies without awaiting further instructions.

Last date to complete the process of linking Aadhaar card with the SIM card is February 6, 2018, and we request you to complete the process as soon as possible to avoid disconnection of your number, said Bharti Airtel on their official website.

IRDA also asked the insurers to comply with the statutory norms. The latter includes insurance policies like health, motor, travel and home. IRDAI said Aadhaar and PAN/Form 60 are mandatory for obtaining financial services including insurance.

Also for the insurance companies who are trying to increase their penetration the challenge for them remains towards making people understand the importance of Aadhaar card while buying insurance policies. In fact, many insurers have started asking for PAN for all life policies.

The Insurance Regulatory and Development Authority of India or IRDAI, constituted by an act of Parliament to protect the interest of and ensure fair treatment to policyholders, consists of 10 members - a chairman, five whole-time members and four part-time members. The announcement stands applicable for both life and general insurance policies.



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