After getting your bank account, PAN Card, mobile number linked with Aadhaar, now is the time for Insurance to get linked. As the Insurance Regulatory and Development Authority (IRDA) has issued directions to insurance companies for getting every insurance policy linked with Aadhaar and Permanent Account Number of policyholders.
Linking of Aadhaar number to several insurance policies have become a prerogative measure under the Prevention of Money-Laundering(Maintenance of Records) Second Amendment Rules, 2017.
The Government in its gazette notification dated June 1, 2017, has made obligatory to link PAN and Aadhaar number in order to avail financial services like insurance at ease.
The Aadhaar insurance policy update is applicable on life insurance companies and general insurance companies (involving standalone health insurers) have to follow the compliance of “statuory force”. It means insurers have to start implementing the practice of linking Aadhaar with several insurance policies without waiting further for any kind of instructions.
Documents Required for Aadhaar Insurance
- PAN/Form 60 or 61
Form 60/61 is mandatory for those who don’t have a Permanent Account Number(PAN) for making a transaction where citing of PAN is compulsory. Although submitting the form 60/61 can also get your Aadhaar updated with Insurance but many insurers ask for your PAN for all your life policies. As the insurance regulator requires your PAN for cash premiums above ₹50,000 which in turn, can only be able to settle your payouts as early as possible. This is to be followed as per the compliance norms already laid out for the compulsory linkage of Aadhaar for all the financial transactions exceeding ₹50,000 by the Reserve Bank of India during October’17.
In accordance to the immediate effect, some of the life insurers are stressing on the effect for getting the Aadhaar linked with PAN at the time of linking with insurance policies in order to make the payout easily available for every customer(or policy holder).
Methods to Link Aadhaar with Insurance
The procedure of linking policies would be the same as of the bank. This means insurers would have either of the following preferences for getting their Aadhaar seeded :
- Online(Net or Internet) Banking
- Offline via Branch Visit
The Insurance Regulatory and Development Authority of India or IRDAI, established by an act of Parliament performs an essential role in safeguarding the rights and interests of policyholders, comprises of 10 members – a chairman, five whole-time members, and four part-time members.
Overall in this insurance sector, a total of 24 insurance companies and 33 general insurers (including standalone health insurers) are actively functioning throughout India.
How to Link Aadhaar with LIC Insurance Policy?
Life Insurance Corporation of India (LIC), the country’s largest life insurer, offers both online and offline mediums to link Aadhaar with insurance policies. Let’s be aware of the fact that a policyholder must have PAN and Aadhaar Card ready as these documents would be required in the linking process. Particularly for those choosing an online mode, they need to make sure their mobile number is registered to their Aadhaar card.
Steps to Link Aadhaar to LIC Insurance Policy Online
Check out a few steps below and get your Aadhaar linked to LIC policies online.
I – Visit the official website of LIC
II – Click on Link Aadhaar and PAN to Policy
III – You can see a brief of what you need to do
IV – Come to the bottom and click on ‘Proceed’ button
V – A new page will open, wherein you need to fill personal details such as your name, Policy Number, Date of Birth (DOB), Aadhaar Number, Mobile Number as per Aadhaar
VI – Enter the Captcha Code in the prescribed space before clicking on ‘Get OTP’ button
VII – You will receive an SMS intimating a successful registration
VIII – A confirmation message will come to your mobile number post the successful verification with the UIDAI
How to Link Aadhaar to LIC Insurance Policy Offline?
You can download the mandate form online by visiting the official website of LIC. All you need then is to take a printout of the form, enter your policy number/s and sign at the prescribed space. Submit the form along with the self-attested copy of PAN Card/Form 60 and Aadhaar Card to the nearest LIC branch. The officials will then verify Aadhaar and other details. And after successful verification, you will receive an SMS stating the confirmation of Aadhaar linkage with LIC policies.
How About Linking Aadhaar with Bharti Axa Life Insurance?
Running a policy with Bharti Axa Life Insurance? Yet to link it with Aadhaar? Don’t worry, a few steps online and a visit to the nearest branch of the insurer can help do that. Let us first check the online process before focusing on the offline mode.
Take These Simple Steps to Link Aadhaar to Bharti Axa Life Insurance Online?
- Visit the official website of Bharti Axa Life Insurance
- Click on ‘Link Aadhaar’
- Enter details such as your Policy Number, Aadhaar Number, PAN Number and Aadhaar Number before clicking on ‘Submit’ button
- After a successful verification, you will receive a message showing the linkage of Aadhaar to the life insurance policy
Steps to Link Aadhaar with Bharti Axa Life Insurance Offline
- Go the nearest branch of the insurer and ask for Aadhaar linkage form
- Fill your Aadhaar and other details correctly before submitting it to the branch official
- Post verification of the details, a message will be sent to your mobile number confirming the linkage of Aadhaar to your policy
Benefits of Linking Aadhaar with Insurance
- Protection of all the insurance policyholders against money laundering or fraudulent claims and black marketing activities etc.
- Easy updation of Aadhaar details with existing insurance policies.
- Unified Platform for financial services.
- Fair treatment to Policyholders as per the governing rules.
- Streamlining of Insurance administration processes with your insurance policies.
- Obtaining the services of financial services quickly without prolonged wait.
- Getting policy benefits easily from several insurance companies.
- Getting insurance claim amounts directly transferred to your account at the time of need.
Consequences of Not Linking Aadhaar with Insurance
- Inviting vulnerabilities (like money laundering/fraudulent claims or black marketeering) for accessing your existing insurance policies.
- Engaging yourself unnecessarily in tiresome paperwork processes for availing any financial service from insurance companies.
- Unable to avail any benefits of your existing policy from your insurance companies.
- Unable to get your claims transferred (in the form of proceeds or insurance claim) quickly from the insurance company to your bank account at the time of immediate need.