Last Updated on 21/02/2019 by Deepak Singla
According to an announcement made by the Insurance Regulatory and Development Authority of India (IRDAI), it is compulsory to link your Aadhar card and PAN card to all the insurance policies. This step was taken by the IRDAI in order to restrain and minimize the laundering of money and other misdeeds that are done by the defaulters.
This is one of the biggest challenges for the government to execute considering the humongous customer base of around twenty-four life insurance, twenty-three non-life insurances, and five other companies. Not a single new policy can be issued without the submission of these documents for new customers and existing ones too!
The government has helped such a large customer base a lot by extending the last date to link the insurance policies with their Aadhar card from December 31st, 2017 to March 31st, 2018. But despite this relief, the need of linking the Aadhar with all the insurance policies remains the same. In order to assist the policyholders, various insurance companies and organizations are constantly sending notifications to the customers and are in touch with them. The insurance policies can be linked to the Aadhar card by three ways namely offline linking, online linking and via text messaging. Below are the steps which will guide you to link your Aadhar card with the insurance policies.
Why link Aadhar with insurance policies?
According to a claim made by the government, this has eradicated many fraud beneficiaries from the system along with the scrapping of 23 Million ration cards. By the process of Aadhar card seeding, the government has been successful in saving 14000 crores until now. Observing the same phenomenon, the government implemented the seeding of Aadhar with the insurance policy in order to prevent the money laundering. This has clearly shown the immediate effect and this will help in catching the defaulters in the coming future too.
And another major benefit the government will have is that now it can easily keep track via a single user information system (i.e. Aadhar) which will surely prevent the redundancies.
The first and the foremost step for linking both the things is the proper collection of documents. As such, there is no need for specific paperwork, but the customer (the policyholder) should be readily available with Aadhar card number, the PAN card, and the policy number. There may be a situation in which the policyholder might have lost the possession of his/her Aadhar number. In such case, the person should submit the proof of enrolling in the application for the Aadhar card.
The individual must be equipped with the PAN card number for the purpose of requirements of the KYC. A certified copy of an officially equivalent document can also be submitted to the authorities in case one does not have or has lost the PAN card number.
Linking Aadhar card and the insurance policies – ONLINE
In order to link your Aadhar card with the insurance policies via online means, follow the steps given below:
> Prepare your Aadhar card and the PAN mandate form by contacting your insurance agent or by directly downloading the form from the website.
>Fill up the form carefully and then submit it to the insurance company’s branch office which is nearest to your place.
>Get the self-attested copies of your Aadhar card.
>After this, you just have to submit the documents to the assigned authorized officer in the office.
>It is recommended to mention the purpose of the self-attested documents on the photocopies in order to restrict the misuse of the documents and ease further proceedings.
Linking Aadhar Card and the Insurance Policies – OFFLINE
This step of linking is more easy and convenient. Before proceeding further, ensure that the mobile number that you are going to use is linked with the Aadhar Card. However, there are different steps for the registered users and the non-registered users. The linking of your Aadhar card with the insurance policies can be a little bit different in different companies due to diverse basic structure, but all of them follow the same basic steps.
Here are the Steps for the Registered Users:
Go to the insurance company’s service portal. You can find the link to the documents or you can take the assistance of your insurance agent.
>After this, log in to the portal and just fill up the and the details required in the form.
>Before clicking on the submit button, recheck and verify the details again.
>On the mobile number registered to the Aadhar card, an OTP will be sent via text message.
>To link the insurance policy with your Aadhar, enter the number to avail the facility.
In case if your Aadhar number is not registered, then the steps given below must be followed:
>Visit the insurance company’s website via the link provided in the documents or other information given by the insurance agent.
>Then you will have to enter various details like the PAN card number, your date of birth and other information such as the mobile number, policy number, and the Aadhar number.
>As soon as you enter the Aadhar number, an OTP will be sent to the mobile number registered to your Aadhar card.
>You will find a box in which you will have to enter the generated OTP. Enter it.
>The insurance policy and the Aadhar will be linked upon entering the OTP.
The linking of the Aadhar card and the insurance policies can easily be done with the help of the customer care of the insurance company after providing them the Aadhar Number. Then an OTP will be generated and the policyholder has to enter the same via IVR in order to successfully link the insurance policies to Aadhar card.
And in some cases, there may be possible that the policyholders cannot perform the linkage via the above-mentioned methods. The users can link both the things via biometric method too! The users can link the and the policies by authenticating the same via the modalities (either the fingerprint scan or by the iris scan).
These were the methods to link your Aadhar card with the insurance policies. There are various benefits of doing the same such as prevention of money laundering and other similar issues faced by the government. Another noticeable benefit is that the customer experience is enhanced by this. Other issues like that of claim settlement can be solved very easily and the customers can access everything related to the insurance via a single platform only.
Some important tips while going through this process are that first of all, ensure the linkage of mobile number with the card. And while enrolling for a new policy, the new customers must submit all the details of the Aadhar card. Another fact that is worth knowing that it is not mandatory to submit form 60 (it’s compulsory only for those policyholders who do not have the PAN card).
And it is very important to link the policy and the Aadhar because if not linked, then the claims will be kept at a hold and abeyance until the process is not completed.
That is why it is said to do the same at the earliest without waiting for the deadline to come. To serve the customers a continuous service for renewals and other updates, the company requires the information. The same applies to registrations and endorsements too. It is also very necessary to link both the entities at the earliest because there may come such that the insurance company can hold the claim settlements because of any other reason directly or indirectly related to this.