You have some more time to link Aadhaar details of your clients with their mutual funds folios and insurance policies.
We have already discussed in an earlier article how you can help your clients link their Aadhaar details with mutual fund folios (http://cafemutual.com/news/industry/12381-you-have-some-more-time-to-link-aadhaar-details-of-clients-with-mf-folios). In this article, we will talk about how you can help your clients link their Aadhaar with insurance policies.
Though the Supreme Court has extended the deadline to link Aadhaar with insurance policies till further notice, you still need to link Aadhaar with new insurance policies within six months of issuance.
However, before starting this exercise make sure that the details appearing on PAN, Aadhaar and insurance policy match one hundred per cent. Earlier, insurers were allowed to link Aadhaar details with insurance policies even if the details of all three documents matched only up to 65%.
Make sure to follow these steps before linking Aadhaar details of your clients with their insurance policies.
- Ask your clients to update their mobile number and email id with the Aadhaar database.
- According to Karvy Computershare, mismatch of name is the single largest contributor for rejections from UIDAI. This happens due to the absence of the middle name in PAN or MF folio, surname extension in Aadhaar, position difference in first/middle/last name, extra space between first/middle/last names and use of special characters, for example in D’Souza.
- Make sure that you key in the exact name of your clients as appearing on the Aadhaar card.
- Give spaces exactly as in the Aadhaar card and include special characters, if any.
- Make sure that the mobile number and email id of your clients are the same in the insurance policy and Aadhaar. If the two do not match currently, your clients will have to go through central KYC to make changes in the insurance policies
Online procedure to link Aadhaar with insurance policies.
- Visit the website of the respective insurance companies.
- A form will pop up, where you have to add details in the respective boxes.
- Key in the policy details and Aadhaar number. If you have multiple policies with the insurer, you can mention the details of all the policies.
- Once you submit it, the system will generate a one-time password on the Aadhaar registered mobile number.
- Enter the OTP to link your Aadhaar with the insurance policy.
Offline process to link Aadhaar
- Most insurance companies have emailed the Aadhaar linking form to policyholders. You can ask your clients to take a printout and send it to their respective insurers with a self-attested copy of Aadhaar.
- Alternatively, you can visit the nearest branch office of the insurance company. Don’t forget to carry a self-attested copy of Aadhaar and PAN card.
A few companies have started facilitating an SMS service to link Aadhaar with insurance policies. Your clients have to send an SMS mentioning their policy and Aadhaar numbers. There is no need to authenticate with an OTP if clients send the text message from their registered mobile number.
Since insurance companies do not have a centralised database, you have to ensure that you help your clients link their Aadhaar with insurance policies across insurers, separately.