Mandatory To Link Aadhaar With Insurance Policies, Including Life & Health: IRDA

The Logical Indian Crew

November 9th, 2017 / 12:58 PM

Insurance

Image Credit: trak.in, India Today

The Insurance Regulatory and Development Authority (IRDA) said on October 8 that it is mandatory to link Aadhaar to existing and new insurance policies under the prevention of money laundering rules.



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.

There are 24 life insurance companies and 33 general insurers (including standalone health insurance firms) operating in India.

In June this year, the government 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 existing policies.

Last month, the Reserve Bank of India had clarified that linking Aadhaar Card with bank accounts is mandatory.

“The linkage of Aadhaar with insurance plans will prove to be beneficial especially during claims settlement for establishing the unique identity of the claimant thus reducing fraudulent claims, and also increase the speed of settlement,” said Jaideep Devare, Managing Director of Mahindra Insurance Brokers Limited, reported The Economic Times.  

This comes at a time when the validity of Aadhaar is being argued in the Supreme Court.


Contributors

Written by :

Edited by :

Share your thoughts..

Related Stories

RIVA

Now Address Insurance Related Queries Without Leaving Your Favourite Social Media Platform

Baal Aadhaar

UIDAI Introduces Blue Coloured ‘Baal Aadhaar’ For Kids Below 5 Years, Know About It

Aadhaar

UIDAI To Impose 18% GST For Updating Aadhaar

RBI Clarifies It Is Mandatory For Bank Accounts To Be Linked With Aadhaar Under Money Laundering Act

Aadhaar

Never Passed Order To Link Bank Accounts With Aadhaar: RBI In RTI Reply

Aadhaar-PAN Benefits

Know The Benefits For Which Aadhaar Card Is Going To Be Mandatory Soon

Latest on The Logical Indian

Awareness

Kerala Is The Best Governed State In The Country 3 Yrs In A Row; Know How

Sports

16-Yr-Old Stuns World No 1 To Win Gold In 2018 Badminton Asia Junior Championships

News

No One For Help, Former UP CM Saves Lives Of Severely Injured Road Accident Victims

News

Hyderabad Corporator Takes A Tough Stand Against Sewage Problems, Sits In Sump For 3Hrs

News

Total Amount Invested By EPFO As On June, 2018 Is Rs. 48,946 Cr : Labour Minister

News

HC Says ESI Corporation Cannot Deny Certificate To The Employees For Late Filing Of Returns

x

Stories that deserve attention, delivered to your inbox!

Handpicked, newsworthy stories which deserve the attention of a rational generation.