Looking at ways to enhance your business & career? Log onto streetsahead.in to upgrade yourself!
SUBSCRIBE NEWSLETTER
Insurance Aadhaar is still a valid KYC document: IRDAI

Aadhaar is still a valid KYC document: IRDAI

Aadhaar can be used to verify address and identity of proposers.
Team Cafemutual Feb 4, 2019

Insurance companies can continue to accept Aadhaar as a valid KYC document.

In a circular, IRDAI has clarified that insurance companies can accept Aadhaar as KYC document to verify address and identity of proposers.

However, insurance companies cannot make Aadhaar mandatory for customers and do Aadhaar based authentication for eKYC.

IRDAI said, “The insurers are advised not to mandatorily seek Aadhaar and PAN/form 60 from the proposer/policyholder as part of KYC. However, insurers may accept Aadhaar card as one of the documents for establishing identity and/or address of the proposer for KYC purpose.”

Insurers can accept copy of physical Aadhaar, e-Aadhaar, masked Aadhaar and offline Aadhaar XML.

Also, insurers will have to ensure that the first 8 digits of the Aadhaar number are properly masked. Insurers can only store the last 4 digits of Aadhaar number on their system.

Click to clap
1 Comment
SHIV NARAYAN SHARMA · 1 week ago
LIC DID NOT ACCEPT AADHAR CARD FROM 22.10.2018 AS A ID PROOF OR AS A ADDRESS PROOF.
Wish to stay on top of your game? Get daily tips, ideas and articles to grow your business.
Subscribe to Cafemutual Newsletter.