irdai makes mandatory linking of policies with aadhaar

IRDAI Makes Mandatory Of Linking Aadhaar With Existing Insurance Policies

Insurance Regulatory and Development Authority of India (IRDAI) has made it mandatory for individuals to link existing policies with Aadhaar and for buying new policies.

 
Central Government vide gazette notification dated 1st June 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.
 
The Authority clarifies that, linkage of Aadhaar number to Insurance Policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
 
These Rules have statutory force and, as such, Life and General Insurers (Including Standalone Health Insurers) have to implement them without awaiting further instructions.
 
However, IRDAI has not given a deadline for the linkage.
Posted in Fixed Deposits, Insurance Products, Savings Deposit and tagged , , .