IRDAI has made it mandatory to link the 12-digit Aadhaar number with insurance policy and it has to be done as early as possible.
Aadhaar linking in India has become mandatory in all kind of government works or documents or accounts or policies. The linking process has started from the bank work and continues to the pan number, after that it has now become important to link the aadhaar number with the insurance policies. As per the announcement of the government, IRDAI or Insurance Regulatory and Development Authority of India instructed every insurance policy company to link Aadhaar number and PAN number of every policyholder with their policies.
IRDAI make a secular to link Aadhaar
As per the notification of the government IRDAI issued a secular to make the Aadhaar linking mandatory for all the policyholder.
The government had announced the Prevention of Money Laundering (Maintenance of Records) Second Amendment Rules, 2017 which says that it is mandatory to attach PAN/Form 60 and Aadhaar number with any kind of financial services and all the old and new documents will fall under this section.
The Insurance controller also specifically said that this rule will be applicable for each and every kind of Insurance Policy Company and the companies should now inform their policyholders for linking their Aadhaar and Pan Number issued by Unique Identification Authority of India.
But it is true that many people are not aware about the linking process and this article will show the general processes of linking the Aadhaar number.
Every policy holder should have their original Aadhaar Card and number, PAN/From 60 or 61. Form 60/61 generally is a substitute of the PAN number and the person who doesn’t has PAN number need to submit it.
Methods of Linking Aadhaar
Aadhaar can be linked with the policies in two ways: 1) Offline and 2) Online.
In today’s technical time it is easy to link up the Aadhaar number with the policies through internet and it is fast. The policyholder who has used the online way to submit his/her insurance payments can link the number quickly. These kinds of policyholders are called registered one who just need to login to the customer service portal of the insurance company and enter the Aadhaar number there. So for the registered people it is a work of few minutes, but in case if the policyholders are not registered with the website they just need to go to the Company’s website. After that they can register themselves by entering details of them such as policy number, date of birth, email id, mobile number, Aadhaar number and PAN number. For both kinds of people after delivering the Aadhaar number in the online process they will get an OTP in the registered mobile number and after entering the OTP again in the website their policy will get attached with Aadhaar.
It is a bit time taking process, a policyholder need to go the nearest branch office of the company with a self-attested photocopy of the original Aadhaar card to link the number with the policy.
Benefits of Linking Aadhaar
By linking Aadhaar number with the insurance policy people will get various benefits; such as
It will help to stop frauds, money scouring, black marketing etc.
By linking Aadhaar with policies people can get their financial benefits faster than ever as the bank process will also be fast.
The insurance administration processes also become simple and quick.
Faster claims process enhances a better customer experience and the claim amount will directly transfer to the customer’s bank account.
Though it is predicting by the experts that linking of Aadhaar with insurance will increase some short-time challenges but it will be proven a beneficial in the future. The insurance policy companies may face some problems to link the customer’s details with the Aadhaar number but after completing it will be beneficial.