After mandatory norms compelling citizens to link their Aadhaar number with PAN cards, bank accounts, and mobile numbers, it is now mandatory for them to link it with insurance policies as well. According to IRDAI (Insurance Regulatory and Development Authority of India), the linkage between Aadhaar and Insurance policy has been introduced to prevent money laundering, under the recently introduced second Amendment for the year 2017.
The Prevention of Money
Laundering (Maintenance of Records) Second Amendment Rules 2017 makes it
mandatory for citizens to link PAN cards and Insurance policies with Aadhaar
number to avail financial services. These services include all the existing
ones in use, along with those that will be used in future.
While communicating
with all life and general insurance companies, IRDAI explicitly notified that
the instructions command statutory force and should be implemented without any
delays, the insurers have no option but to comply.
The top management from
leading insurance companies also commented in favor of the new mandate,
promoting it as a step forward in the digitization of India, and establishing
one common platform for all financial services.
India currently has 24
life insurance companies along with 33 general insurers, all of which need to
comply with the regulations.
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