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Bajaj Capital Insurance Broking claims to become the first in the industry to implement C-KYC in their digital insurance buying journey.
Earlier, IRDAI has proposed that it will make KYC mandatory in non-life policies. Currently, KYC documents are only mandatory for making health insurance claims of Rs 1 lakh or above.
In a press release, Sanjiv Bajaj, Joint Chairman and Managing Director, Bajaj Capital said, “CKYC will help in creating a centralized database to maintain a policy record. This will further help in providing fast services to customers especially at the time of settling claims. We welcome the initiative and proud to be part of customer first initiatives of the government.”
Venkatesh Naidu, CEO, Bajaj Insurance Broking Limited said, “The commitment is to make protection products available to all Indians across income segments. The implementation of KYC will further help in achieving this vision of protecting millions of customers with the right insurance products.”
For insurance KYC, policyholders will have to submit a signed, scanned copy of documents and a pre-authorization request for processing. They also need to include a copy of all these documents at the time of claim submission. For ID proof documents, one can consider a passport, PAN card, voter’s ID, driving license, etc. For the address proof, customers may give copies of telephone bills, electricity bill, ration card, bank passbook, etc.