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 clarified that though Aadhaar is not compulsorily required at the time of buying a new insurance policy, the consumer will have to submit it within 6 months. An Irdai circular stated that for new insurance policies, the consumer is allowed 6 months from the date of commencement of account-based relationship to submit her Aadhaar number and permanent account number (PAN) or Form 60 to the insurer. “In absence of Aadhaar, (a) client shall submit any of the “Officially Valid Documents” as mentioned in the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005 (as amended from time to time),” the regulator stated.
