Linking Aadhaar with Insurance Policies Mandatory

Aadhaar also known as UIDAI is 12 digit unique number issued by Government of India on behalf of UIDAI.

The next update coming from insurance regulator IRDAI (Insurance Regulatory and Development Authority of India) is that Insurance Policies will have to be linked mandatorily with Aadhaar Number. Whereas Aadhaar has been already made mandatory for several financial tasks like banking, digital wallet etc. so Insurance is another financial product to which Aadhaar should be mandatorily linked with it.

Insurance Policy should be linked mandatory with Aadhaar Number in order to prevent money laundering. Many Insurance companies have already started notifying their customers to update their Aadhaar Number including PAN Card if they have still not done it.

Insurance Regulatory and Development Authority of India stated Aadhaar and PAN/ Form 60 are mandatory for availing various financial services including Insurance. Form 60/61 has to be submitted by those who does not possess a PAN Card for making a transaction where Permanent Account Number is mandatory.

The notification issued by Central Government dated 1st June 2017 stated 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 Products and also for linking the existing Insurance policies with the same.

Linking Aadhaar is mandatory for policies issued by Life Insurance Companies, General Insurance Companies including standalone health insurers.

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