Moneycontrol
Nov 08, 2017 07:52 PM IST | Source: Moneycontrol.com

IRDAI makes it mandatory for individuals to link existing policies with Aadhaar

In September 2017, Insurance Regulatory and Development Authority of India (IRDAI) had said that authentication of policyholders or clients by insurance companies using Aadhaar number will be on a voluntary basis and with their consent

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After Reserve Bank of India, Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for individuals to link existing policies with Aadhaar as well as quoting it for buying a new policy.

The central government on June 1, 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aaadhar and PAN/Form 60 mandatory for availing financial services including insurance and also for linking the existing policies with the same.

"These rules have statutory force and, as such, life and general lnsurers (including standalone heallh insurers) have to implement them without awaiting further instructions," said IRDAI in a circular.

In September 2017, Insurance Regulatory and Development Authority of India (IRDAI) had said that authentication of policyholders or clients by insurance companies using Aadhaar number will be on a voluntary basis and with their consent.

A senior IRDAI official told Moneycontrol that they have now taken a decision to make it mandatory to quote Aadhaar while buying a new policy. The official added that for existing policies, Aadhaar can be ceded at time of renewal premium payment.

However, IRDAI has not given a deadline for the linkage.

RBI had recently clarified that bank accounts must be linked to Aadhaar.

(With inputs from PTI)
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