Now, insurance policies must link with Aadhaar and PAN

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Now, it is mandatory to link Aadhaar and PAN to all your Insurance Products like life insurance, Health insurance and other types of insurance that you have. All insurance policyholders have to link their Aadhaar and PAN details to their insurance policies by 31 Dec 2017. Here are five things to know on Aadhaar card linking with insurance policies. What if you don’t link insurance policy with Aadhaar

New Rule for Insurance policies

Insurance regulator has made mandatory to link Aadhaar with every policy. This has been said by insurance regulator IRDAI. Now, it becomes mandatory to link your insurance policies with Aadhaar and PAN.  Aadhaar is already compulsory for many tasks like bank account, LIC policies, driving license, Mutual fund etc.

Government asked general and life insurance companies to implement rules without waiting further instructions. Many insurance companies asking their customers to give KYC details with PAN and Aadhaar number. See Aadhaar linking in Mutual Funds through CAMS Website

Here are five things to know on Aadhaar card linking with insurance policies

  • IRDAI said Aadhaar and PAN are compulsory to get financial services including insurance. For those who not have PAN (Permanent Account Number) card for making transaction need to submit Form 60/61.
  • It further said, Authority make clear that, linkage of Aadhaar and PAN / Form 60 number to Insurance Policies is mandatory under Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
  • IRDAI said that Aadhaar linkage is valid on life insurance companies and general insurance companies including standalone health insurers. Government making Aadhaar and PAN mandatory for availing financial services including insurance and also for linking existing policies with same.
  • Insurance Regulatory and Development Authority of India form by act of Parliament to protect interest and ensure fair action to policyholders. It consists of 10 member like chairman, five full time members and four part-time members.
  • There are 24 Life insurance companies and 33 general insurance companies as well as standalone health insurers working in country. This article gives an overview of how to link insurance policies with Aadhaar and PAN.

How to link Aadhaar and PAN with insurance policies?

You can link insurance policies online as well as offline. In order to avail online linking facility your mobile number must registered with Aadhaar. Please note that all details given by you must match with Aadhaar information. In case of mismatch linking of Aadhaar can be refused.

So, you need to contact your Insurer and get your Aadhaar number linked to your insurance policies at earliest.

Link Insurance policies with Aadhaar and PAN online

  • Registered user can link through online: You can log in to website of insurance company and add your Aadhaar details to your profile. This is simple way of updating your Aadhaar through online.
  • Online linking for non-registered user: If you are not registered online, you can visit to insurance company website and complete process. Here you will have to give details such as policy number, birth date, PAN, Email ID, Mobile number and Aadhaar number.
  • By using above methods to furnished Aadhaar number, an OTP is sent to registered mobile number. Once OTP is entered, Aadhaar number is successfully updated.

Link Insurance Policies with Aadhaar and PAN Offline

For offline, you can approach your insurance agents or visit nearest branch office of insurance company with your Aadhaar card. And you need to give self attested copy of Aadhaar to complete the process. Also Read Yet to link Aadhaar with mutual fund investments?

What if you don’t link insurance policy with Aadhaar

According to guidelines given to insurance companies, that policy will continue who provide KYC documents at renewal stage. On other hand, insurers may hold claims payments until you submit your Aadhaar and PAN number. Therefore, it is important to link your insurance policies with Aadhaar in order to avoid unnecessary hassles at time of making claims.

However, there will be problematic, in case of health insurance policies. If you claim during maturity period as insurers will pay claims according to KYC documents. This new rules have to be followed by all industry. This announcement stands for both life and general insurance policies. Read How to Open NPS Account Online and offline?

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