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Linking LIC and all your insurance policy with aadhaar mandatory

Linking LIC and all your insurance policy with aadhaar mandatory 

New Delhi: Apart from bank accounts and mobile numbers, after linking the basis in all government schemes, the basis has also been made necessary for insurance policies. On behalf of the Insurance Regulatory and Development Authority (IRDA), it was said Wednesday that it is necessary to link the base with insurance policies. IRDA has asked all insurance companies to comply with this Constitutional Rule. Irda said that it is mandatory to link the base number with insurance policies under Money Laundering Informer (Record Maintenance) Second Amendment Rule, 2017.

India said in the information sent to all life insurance and general insurance companies including LIC, that they have to implement this directive without delay. After this rule the challenge can be raised in front of insurance companies. The effect of this order issued by IRDA will be that the companies will ask the policyholders to deposit the base and PAN number before payment, and the payment can be stopped if not done.
In Irda's notice, the existing policy was also instructed to link the base and the PAN. IRDA (Life) member Nilesh Sathe while talking to the media said that all the companies have been informed that they have to follow this law.

In the circular issued to insurance companies, it has been said that the statutory power is contained in the instructions, so life and other insurance providers will have to apply this soon. Life Insurance companies have already been refused cash before settling the claim by giving cash. Many insurance companies ask for a PAN number for all types of policies, whereas its mandatory requirement is in cash premium of Rs. 50,000.

Let us tell you that the Supreme Court has recently refused to disturb the customers by sending an SMS to link the bank account with the basis. Despite this, the order has now been issued from Irda. The process of linking the base with the insurance policy will be similar to the bank account.

Tapan Singel, MD and CEO of Bajaj Allianz General Insurance, said that neither service has been denied for the demand of the base on the basis of banks or telecom companies, they claimed that the officials will have to pay promptly. He said that in the long run, it would be positive for non-life companies as this item would help insure on the basis of insurance rather than insurance. For example, in developed markets, auto insurance premium is based on the track record of the owner rather than the vehicle.
Insurance MD and CEO Bhargava Dasgupta said that there may be some short-term challenges, but there are significant long-term benefits in cheating and organizing the KYC process. "In my opinion, it is a progressive and logical step towards building an integrated platform for financial services, as well as to promote the government's digitization agenda," he said. He said that his company is aligning the processes to implement the directive.

The need to add more insurance to the base on the basis of the necessary effort will be required in the banks. Policies are issued every year and the life insurance policy is valid for long-term life insurance corporation (LIC) alone is estimated to be around 29 million policies. Apart from this, there are 21 million vehicles and a significant number of health insurance policies. Last year, life insurance companies issued 2.67 crore policies, out of which 2.05 million were from LIC. In addition, motor, health and travel policies are issued to individuals.
There are 54 insurance companies, which include four non-life, one life and one reinsurance company in the public sector. Apart from this, there are two government-owned insurers for export and agriculture. In the private sector; There are 23 life insurers, 18 general insurers and five health insurance companies

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