Now you can on board new clients through Aadhaar.
In a circular, IRDAI has clarified that insurance intermediaries like agents and brokers can complete the KYC process online with Aadhaar based authentication.
IRDAI said, “To facilitate general public to easily fulfil know your customer (KYC) norms while availing insurance services, IRDAI has recommended for allowing insurance companies to avail Aadhaar authentication services of the Unique Identification Authority of India. Central Government has permitted, vide Gazette notification dated April 23, 2020, some of the insurance companies to undertake the Aadhaar authentication services.”
The insurance regulator has asked all life and general insurance companies to facilitate Aadhaar based KYC service to onboard new clients. Currently, 29 life insurance, health insurance and non-life insurance companies have been facilitating Aadhaar based KYC.
In addition, there is no upper limit on investments in Aadhaar based KYC in insurance.
So far, policyholders have needed a PAN card, an address proof and a cancelled cheque to undergo KYC. Aadhaar card holders undergo In Person Verification (IPV) after submitting all these documents. Ideally, there is no need to do KYC and IPV again.
