Insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) has made it compulsory to link Aadhaar with insurance policies. General and life insurers will have to implement this directive immediately and start linking Aadhaar of policyholders with their insurance policies. In a statement given on November 8, 2017 by the regulator, Aadhaar-insurance policy linkage has been made compulsory under the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017.
IRDAI said, “These rules have statutory force and, as such, life and general insurers (including standalone health insurers) have to implement them without awaiting further instructions”.
All policyholders will have to share their Aadhaar number along with PAN/Form 60 for availing insurance services.
“Central Government vide gazette notification dated 1st June 2017 notified the Prevention of Money-laundering (Maintenance of Records) Second Amendment Rules, 2017 making Aadhaar and PAN/Form 60 mandatory for availing financial services including Insurance and also for linking the existing policies with the same,” IRDAI said.
The rule will be applicable equally on life, general as well as standalone health insurance companies. Currently, there are 33 general insurers and 24 life insurers carrying out operations in the country.
