The Insurance Regulatory and Development Authority of India (IRDAI) has made an announcement that it is now mandatory to link all insurance policies to Aadhaar and PAN/Form 60.The mandate states that no new policies will be issued without the customer submitting these documents and existing customers will also have to link their Aadhaar and PAN to their policies.
Below are answers to some of the most common questions you may have regarding this new regulation:
A. The IRDAI circular is applicable with immediate effect.
A. New policies can be issued in case the client does not submit the Aadhaar number and the Permanent Account Number at the time of issuance of the policy. However, the customer will have to submit the same within a period of six months from the date of the issuance of policy.
A. For existing policies, the customer has to submit their Aadhaar and PAN number/Form 60 by 31st March 2018. In case the customer does not submit the same by the time period, the said account shall cease to be operational till the time the same is submitted.
A. In case a policyholder has not linked their Aadhaar and PAN details, their claims will be kept in abeyance till they submit the same.
A. No, neither will the polices become void, nor will the claims be rejected. However, the claims will be kept in abeyance till Aadhaar and PAN/Form 60 are submitted by the policyholder.
A. Insurance contracts are governed by Indian Contract Act. However, the requirement of submission of AaAadhaar and PAN/Form 60 are as per PML Rules framed under Prevention of Money Laundering Act, 2002. The PML Rules have statutory force and the same has to be complied with.
We hope this answers any queries you may have!
If you have a policy with us, and wish to update your Aadhaar and PAN/Form 60 details, click here.
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