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Monday, April 22 2024
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Linkage of Aadhaar number to insurance policies mandatory: IRDA

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New Delhi: India’s insurance regulator IRDAI has mandated all insurers – life and non-life – to link the Aadhaar number of the policy holders to their policies.

The Insurance Regulatory and Development Authority of India (IRDAI), in a circular on Wednesday, told life, non-life and stand-alone health insurers that linking of Aadhaar number to insurance policies is mandatory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules 2017.

It said the amended rules makes it mandatory to link Aadhaar number, PAN/Form 60 for availing financial services including insurance and also linking existing insurance policies.

However the IRDAI has not specified any deadline for linking of Aadhaar number with the existing policies.

It will be a major task for the non-life insurers to link Aadhaar with motor insurance policies given huge number of vehicles that get insured with the insurers.

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