Even after the Supreme Court extended the deadline to link Aadhaar with various services, including existing bank accounts, mutual funds and insurance policies, Aadhaar or Aadhaar enrolment number remains mandatory for opening a new bank account. At the same time, there are consumer complaints citing the demand for Aadhaar at points of sale of other financial products such as insurance policies and mutual funds.
The Insurance Regulatory and Development Authority of India (Irdai) has categorically clarified that Aadhaar is not required to buy an insurance policy. “In view of the order of the Hon’ble Supreme Court of India... for existing insurance policies, the date of linking Aadhaar is extended till the matter is finally heard and the judgment is pronounced by Hon’ble Supreme Court of India,” the insurance regulator stated in a circular.
