After bank accounts and mobile numbers, you will have to link your insurance policies mandatorily with your Aadhaar number. The directive has been issued by IRDAI (Insurance Regulatory and Development Authority of India) which has asked both general and life insurers to comply with the rules without any further instructions. “These rules have statutory force and, as such, life and general insurers (including standalone health insurers) have to implement them without awaiting further instructions,” IRDAI said. Following this, insurance companies have started asking their clients for KYC details including PAN and Aadhaar number.
IRDAI further clarified that the rule will be applicable for both general and life insurance companies. “Central Government vide gazette notification dated 1st June 2017 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,” IRDAI has said.
The process of Aadharr linkage would be the same as that of bank accounts. The customers can link the number online or simply by sending a text message or visiting a branch. The move has been welcomed by insurers as they feel linkage of Aadhaar number will help in reducing fraudulent claims made by the customers.
Earlier, the Reserve Bank of India too had issued a clarification over linking of bank accounts with Aadhaar number. “The Reserve Bank clarifies that, in applicable cases, linkage of Aadhaar number to a bank account is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 published in the Official Gazette on June 1, 2017.These Rules have statutory force and, as such, banks have to implement them without awaiting further instructions,” the central bank had said in a statement. Telecom companies too have been asking their customers to link their mobile number with Aadhaar, or their connection would be snapped.